Bangladesh has already made a mark on the real estate market. The business is flourishing and has endless potential to expand. But recently, the flat prices in the capital of Dhaka has tripled. Compared to other Asian countries, Bangladesh’s flat price is comparatively higher, along with a 10% registration fee. There are many additional fees that you need to pay while buying a property. But the registration fee is the most important one as this carries a value proposition of your property entitlement. Let us know about the flat registration fee in different South Asian countries to get comparative statistical data.
Flat Registration Fee in India
In India, the state government determines flat registration fees and not the federal. When you’re registering your property, the concerned state government will charge you a flat percentage of the total value of the property or the registered value of the property as a registration fee. Generally, the subsidiary fees vary, but the registration fee is 1% of the flat value. Some state governments offer discounts on the flat registration fee if women or senior citizens buy the flat. But the bulk of the expenses come from the stamp duty charges. Stamp duty officials determine the costs based on various factors, and the sum of the flat registration fee and the stamp duty charges can add up to 7-10% of the entire flat value.
Flat Registration Fee in Nepal
Registration fees are at different rates in Nepal, depending on the property value and the property’s location. The registration fee is a fixed 1% for flats. Additionally, you get a 50% concession on any units above the fifth floor. If a woman owns the flat, then the municipality government can offer up to 25% discount on the applied registration fee in the municipal area and up to 30% in the rural municipality area.
Flat Registration Fee in Sri lanka
The flat Registration fee in Sri Lanka is a common term for stamp duty. The stamp officiates the flat’s sale, and the government charges a fee for it, which equivocates it with the flat registration fee. The cost for property in Sri Lanka is around 3%-4% of the total property value.
Flat Registration Fee in Pakistan
The buyer’s registration fee is considered upon legally registering the sale of a property in Pakistan. It is part of registering the Sale Deed, and the provincial government takes the payment. The fee is 1% of the property’s value. The stamp fee for buying a flat in Pakistan is 3% of the District Collector’s property rates. However, this rate will reduce to 1% soon.
As we can see from the above statistical data, the registration fee is relatively cheaper in South Asian countries. Bangladesh, in this regard, has the highest rate of registration. According to research by the Bangladesh bank, if the government reduces the registration fee, increases the home loans with lower interest rates, our housing sector will flourish.
