Two years ago I purchased a house from NoBroker. They also provide legal services and since I got a discount I have hired a lawyer too to get my paperwork done. When I asked him "how to decide stamp paper value?" He told me that a stamp duty value depends on various factors. I will share with you all the information about the stamp duty rate that my lawyer had told me.
To purchase every property you need to pay a stamp duty. To pay stamp duty you must obtain stamp paper. This is an important document for the execution of sale deed. The value of stamp paper varies due to many factors. Those are:
The rate of stamp duty depends on the market value of the property. If the building you are purchasing is old then the stamp duty charges will be lower.
Senior citizens get a subsidy from the government as they belong to the senior citizens category. Therefore they need to pay less stamp duty charges.
Women get a 2% extra discount to pay the stamp duty charges. So if you are a woman trying to purchase a property you will get some benefits.
The rate of the stamp duty increases if you are purchasing a commercial property. Commercial property charges are higher than residential property since commercial property needs more space, amenities, and security features.
If you are thinking of purchasing a property in the city or urban areas the property charges for stamps will increase. Rural areas tend to have lesser stamp duty charges.
Stamp paper value for agreement will increase if your property has different facilities like a swimming pool, gym, park, community hall, library, gym, lifts. I hope my answer on how to decide stamp paper value was helpful.