Category: Legal & Finance

Stamp duty and registration charges in Pune add up to 7% of the property value plus ₹30,000 for a man buying a flat within PMC limits: 5% stamp duty, 1% metro cess, 1% local body tax (LBT) and a registration fee of 1% capped at ₹30,000. A woman buying in her sole name pays 6% plus the same registration fee. The duty is worked out on the higher of your agreement value and the government’s ready reckoner value.

Stamp duty and registration charges in Pune: 2026 rates

Balewadi, Baner, Aundh and most of west Pune fall inside Pune Municipal Corporation (PMC) limits; Balewadi has been part of PMC since 1997 (Wikipedia). Inside PMC, a residential purchase is charged as below. These are the rates published in the 2026 guides by Square Yards and Bajaj Finserv; payments and registration run through the state’s IGR Maharashtra portal.

Component	Man	Woman (sole name)
Stamp duty	5%	4%
Metro cess	1%	1%
Local body tax (LBT)	1%	1%
Total duty	7%	6%
Registration fee	1%, maximum ₹30,000	1%, maximum ₹30,000

The metro cess and LBT are collected with the stamp duty in one payment, which is why most cost sheets simply show “7%”. For property outside municipal-corporation limits, ask the sub-registrar for the applicable rate rather than reusing these numbers.

Agreement value or ready reckoner value: which one counts

Stamp duty is charged on whichever is higher: the price written in your registered agreement, or the ready reckoner (RR) value the state fixes for that zone, floor and type of property. When the agreement value is the higher figure, that is what you pay on.

The RR value bites when a deal is struck below it, which can happen in resale or distressed sales. If a resale flat is agreed at ₹1.80 Cr but its RR value works out to ₹1.95 Cr, a man pays duty on ₹1.95 Cr: ₹13.65 lakh, not ₹12.60 lakh. Maharashtra held ready reckoner rates steady for FY 2026-27, so a value you check today should hold for the rest of the financial year unless the state revises it.

Worked example: ₹1.95 Cr and ₹2.9 Cr flats

These two values roughly bracket what 3 BHK and 4 BHK buyers in Balewadi are looking at. The table assumes the flat is inside PMC limits and that the agreement value is higher than the RR value.

Component	₹1.95 Cr – man	₹1.95 Cr – woman	₹2.9 Cr – man	₹2.9 Cr – woman
Stamp duty (5% / 4%)	₹9,75,000	₹7,80,000	₹14,50,000	₹11,60,000
Metro cess (1%)	₹1,95,000	₹1,95,000	₹2,90,000	₹2,90,000
LBT (1%)	₹1,95,000	₹1,95,000	₹2,90,000	₹2,90,000
Registration fee	₹30,000	₹30,000	₹30,000	₹30,000
Total	₹13,95,000	₹12,00,000	₹20,60,000	₹17,70,000
Effective rate	7.15%	6.15%	7.10%	6.10%

The woman-buyer saving is exactly 1% of the value: ₹1.95 lakh on the smaller flat and ₹2.9 lakh on the larger one. That is real money, but ownership also decides who can claim loan tax deductions and how the flat passes on, so do not decide the title on stamp duty alone.

What about a man and a woman buying jointly?

This is where published sources disagree. Bajaj Finserv and some developer guides list 6.5% for a man and a woman buying together. Other guides say the concession is only for a woman buying alone (or with another woman), so a joint purchase with a man pays the full 7%; one says it depends on whose name comes first. We could not find the government notification that settles it, so we have left joint ownership out of the table. Budget for 7% and ask the sub-registrar office or your advocate to confirm before you sign.

The women’s 1% concession: conditions that matter

• It applies to residential property only. A shop or office bought by a woman pays the full rate.
• Maharashtra announced it on 8 March 2021 for homes bought in a woman’s name.
• The original rule barred resale to a man for 15 years unless the 1% was paid back. That lock-in was removed on 31 May 2023, as reported by Housing.com. Some 2026 guides still describe it as a recent change, so do not let anyone use it to rush you.
• Many lenders let a husband be a co-borrower without being a co-owner; check your bank’s policy, since tax deductions usually go only to owners who are also borrowers.

When and how you pay on an under-construction flat

In Maharashtra the agreement for sale of an under-construction flat is registered at the start, not at possession, and the full stamp duty is paid at that point. Section 13 of the RERA Act stops a developer from taking more than 10% of the price before a registered agreement, so the usual sequence is: pay the booking amount, then register the agreement and pay stamp duty and registration together.

1. Get the draft agreement and check the agreement value, carpet area and payment schedule against the cost sheet.
2. Work out the duty on the higher of the agreement value and the RR value.
3. Pay through the GRAS e-challan system linked from the IGR Maharashtra portal, or buy an e-SBTR at an authorised bank. Keep the GRN (challan number); it is needed at registration.
4. Select the district and sub-registrar office carefully while paying, because errors are hard to correct once the money has gone.
5. Attend registration with original ID proof, PAN card and photographs, along with two witnesses; the developer’s authorised signatory attends too. Photographs and thumb impressions are taken at the office.
6. Collect the registered agreement and the Index II extract, which your bank will ask for.

Costs that sit on top of stamp duty

On a new flat in Pune, also budget for:

• GST at 5% of the agreement value on an under-construction flat, which is nil on a resale flat. Our guide to GST on under-construction flats explains when it applies.
• Advocate’s fees for the title search and agreement review.
• The lender’s processing fee and its own documentation charges.
• Society formation charges and advance maintenance collected at possession.

Lenders will not finance stamp duty and registration on a flat costing more than ₹10 lakh. The RBI’s Master Circular on Housing Finance tells banks to keep these charges out of the property cost used for the loan-to-value ratio. Our home loan guide for a ₹2 crore flat shows what this does to your cash requirement.

On tax: under the old regime, stamp duty and registration paid have historically counted within the ₹1.5 lakh deduction limit in the year of payment. The Income-tax Act 2025, in force from 1 April 2026, renumbers these provisions, so confirm the current treatment with your CA before you claim it.

What this means for a Balewadi buyer

Take Bhansali Bespoke – The Hamptonns in Balewadi as an example. Housiey listed its 3 BHKs at ₹2.19–2.23 Cr and 4 BHKs at ₹3.21–3.22 Cr “all-inclusive” in September 2026, while Keystone listed ₹2.10 Cr and ₹3.12 Cr. Portals use “all-inclusive” loosely; it may or may not cover stamp duty, registration and GST.

Before comparing projects, ask each developer for a cost sheet showing agreement value, GST, stamp duty and registration on separate lines. Current figures for this project are on our Bhansali Bespoke price page, and unit sizes on the floor plans page. Before paying anything, also check the MahaRERA registration.

Bottom line

For a flat inside PMC limits, plan on 7% plus ₹30,000 if a man is buying and 6% plus ₹30,000 if a woman buys alone: on a ₹1.95 Cr flat that is ₹13.95 lakh or ₹12 lakh. Treat joint-ownership rates as unconfirmed until the sub-registrar confirms them. This is general information, not legal or tax advice; your advocate should check the final figure against the registered agreement. If you want a line-by-line cost sheet for a Balewadi flat, contact us.

FAQs

What is the stamp duty for women in Pune in 2026?

Within PMC limits a woman buying a residential flat in her sole name pays 6%: 4% stamp duty, 1% metro cess and 1% LBT, on the higher of agreement value and ready reckoner value. Registration is extra at 1%, capped at ₹30,000. The concession does not apply to shops or offices, and the old 15-year resale lock-in was removed in May 2023.

Is the registration fee in Pune capped at ₹30,000?

Yes. The registration fee is 1% of the property value with a maximum of ₹30,000, so any flat worth more than ₹30 lakh pays a flat ₹30,000. It is paid along with the stamp duty when the agreement for sale is registered at the sub-registrar office. Lenders do not include it in the loan amount for flats of this size.

Is stamp duty calculated on agreement value or ready reckoner value?

On whichever is higher. If your agreement value is above the ready reckoner value for that zone and property type, you pay on the agreement value. If a deal is struck below the ready reckoner value, as can happen in resale, duty is still charged on the ready reckoner figure. Maharashtra kept these rates unchanged for FY 2026-27.

Can stamp duty be included in a home loan?

Not for a flat of the size most Pune buyers are looking at. The RBI’s housing finance master circular tells banks to exclude stamp duty, registration and documentation charges from the property cost used to fix the loan, except where the property costs ₹10 lakh or less. Plan to pay these from your own funds, on top of the down payment.

When is stamp duty paid on an under-construction flat in Pune?

At the start, when the agreement for sale is registered, not at possession. The RERA Act limits the developer to 10% of the price before a registered agreement, so buyers usually pay the booking amount, then pay full stamp duty and registration and register the agreement before further instalments. On a ₹1.95 Cr flat a man pays ₹13.95 lakh at this stage.

What is the stamp duty for joint ownership by a husband and wife in Pune?

Sources disagree. Some guides quote 6.5% for a man and a woman buying together, while others say the women’s concession is lost when a man is a co-owner, making it 7%. We could not find the government notification that settles it, so budget for 7% and ask the sub-registrar or your advocate to confirm the rate before registration.

Here is how to check MahaRERA registration: open maharera.maharashtra.gov.in, use the “Search for MahaRERA Information” panel to find the project under Registered Projects by its registration number or name, then open its certificate and its “View Details” page. Confirm that the number, project name and promoter match your brochure exactly, and check the completion date, extensions, quarterly progress reports and complaints. The search is free and takes about ten minutes.

Why MahaRERA registration matters before you pay

Section 3 of the Real Estate (Regulation and Development) Act, 2016 requires projects to be registered with the state authority before they are marketed, with an exemption for very small projects of up to 500 sq m of land or eight apartments. Registration ties the developer to what it has declared: plans, carpet areas, a completion date, and a separate project account into which 70% of the money collected from buyers must go.

For a buyer, the registration page is the one public record you can check yourself. MahaRERA has made a QR code compulsory in project advertisements since 1 August 2023 under Order 46/2023, and tightened legibility rules in 2025 with penalties of up to ₹50,000 (The Realty Today). An ad without a readable registration number and QR code is itself a reason to ask questions.

How to check MahaRERA registration: step by step

1. Get the number. Copy the registration number from the brochure, hoarding or ad, or scan its QR code. For example, Bhansali Bespoke – The Hamptonns in Balewadi is advertised with MahaRERA number PM1260002600725.
2. Open the official site yourself. Type maharera.maharashtra.gov.in into your browser instead of tapping a link someone sent. Some older guides point to an earlier address; MahaRERA’s own notices now call that system the “MahaRERA 1.0 Old Portal”.
3. Use the search panel. On the home page, find “Search for MahaRERA Information”, pick the Projects tab and keep “Registered Projects” selected.
4. Narrow and search. Choose the state and the district (Pune), then type the registration number or project name in the search field. If nothing comes up, try Advance Search or a shorter part of the project name.
5. Match the result. Each result row shows the registration number, project name and promoter name. All three should match your brochure and the company named in your draft agreement.
6. Open the certificate. Click “View Certificate” and note the registration date and validity. Then look at the “Extension Certificate” column, which shows N/A if the registration has never been extended.
7. Read the project details. “View Details” opens the promoter’s disclosures: approvals, building and apartment details, carpet areas, bookings, litigation and uploaded progress reports. “View Original Application” shows what was declared at registration.
8. Check complaints. Switch to the Complaints tab in the same panel, or use the project-wise and promoter-wise complaint reports under the Complaint Redressal menu.
9. Check the promoter and your agent. The Promoters tab shows the developer’s other projects. The Real Estate Agent tab lets you confirm that your broker is registered with MahaRERA.
10. Save copies. Download or screenshot the certificate and key pages with the date. If the record changes later, you have proof of what was declared when you booked.

Worked example: what to look up for PM1260002600725

We are not reproducing the portal’s data for this project, because it changes as the developer files updates; read the live record yourself. These are the questions we would answer from it before booking at Bhansali Bespoke in Balewadi:

• Promoter: Is the registered promoter Bhansali Housing or a separate project entity, and is it the same entity named in the agreement for sale?
• Completion date: Sales material targets December 2029, while some portals show December 2030. The date declared to MahaRERA should match the date in your agreement, and that is the date delay interest is measured from.
• Coverage: The project is marketed as three towers of 29 floors above four podiums. Check whether one registration covers all three towers or each tower is registered separately, and which one your flat is in.
• Unit details: Compare the declared carpet areas with the 3 BHK (1,186–1,212 sq ft) and 4 BHK (1,802–1,810 sq ft) floor plans you are shown.
• Approvals: Check whether the commencement certificate on file covers the floor you are buying; if it covers only some floors so far, ask when the rest is expected.
• Progress: Read the latest quarterly reports and check that they were filed on time.

What to check on the project page

What to check	Where to find it	Red flag
Registration number, project name, promoter	Search result row	Any mismatch with the brochure or agreement
Validity and completion date	View Certificate	A date later than the sales team’s promise
Extensions	Extension Certificate column	Repeated extensions on the same project
Quarterly progress reports	View Details	Missing or late quarters
Approvals (sanctioned plans, commencement certificate)	View Details	Commencement certificate does not cover your floor
Litigation	View Details	Cases involving land title or approvals
Complaints	Complaints tab; complaint reports	Many complaints about delay or refunds
Status	Registered / Revoked toggle; Home Buyers menu lists	Project in revoked, abeyance, NCLT or deregistered lists

Reading the quarterly progress reports

Developers must update their project pages every quarter. Three professional certificates carry most of the information: the architect’s certificate (Form 1), the engineer’s certificate (Form 2) and the chartered accountant’s certificate (Form 3) on money withdrawn from the project account. If Form 3 shows heavy withdrawals while Form 1 shows little progress, ask why.

Filing on time is part of the test. On 4 May 2026 MahaRERA issued show-cause notices to 8,212 projects statewide, 2,311 of them in the Pune region, for not updating their January–March reports by the 20 April deadline (Punekar News). It warned of a ₹50,000 penalty and possible suspension, advertising bans and frozen bank accounts. One missed quarter is not proof of trouble; a pattern is.

Check that payments follow the RERA schedule

Section 13 of the RERA Act limits the advance to 10% of the price before a registered agreement for sale. After that, the MahaRERA model agreement caps cumulative payments by construction stage:

Stage	Maximum cumulative payment
Before a registered agreement	10%
After the agreement is executed	30%
Plinth complete	45%
Slabs complete	70%
Later finishing stages	75%, then 80%, 85% and 95%
Possession	Balance 5%

Compare each demand letter with the progress reported on MahaRERA. A 70% demand while the latest architect’s certificate shows slabs still incomplete is ahead of schedule; ask for the stage certificate before paying.

Red flags and what to do about them

• The number does not appear on the official site, or appears under Revoked Projects.
• The promoter differs from the company signing your agreement, with no written explanation.
• The completion date on the certificate is later than what you were told, or has been extended more than once.
• The developer wants more than 10% before registering the agreement.

Ask the developer to explain any mismatch in writing. If a registered project breaches its commitments, you can file a complaint through “Make a Complaint” in the Homebuyers Corner of the MahaRERA site; the Complaints search tab also lists a conciliation route.

Registration is necessary, not sufficient

A valid registration means the project is on the regulator’s books with declared plans and timelines. It does not certify construction quality, brochure amenities or whether the location suits you. Get an advocate to run an independent title search, visit the site on a weekday at peak hour (our Balewadi location guide lists distances from Dasara Chowk), and compare the brochure’s amenity list with what the agreement commits to, using the Bhansali Bespoke amenities page as an example.

Once registration checks out, work out the real cost: stamp duty and registration charges in Pune and GST on an under-construction flat.

Bottom line

Checking MahaRERA registration is the cheapest due diligence you will do. Search the official site yourself, match the number, name and promoter, read the certificate and the latest progress reports, and save copies with the date. This is general information, not legal advice; for title and agreement review, use an advocate. For help reading the record for a Balewadi project, contact us.

FAQs

Is MahaRERA registration mandatory for every project?

Almost always. Section 3 of the RERA Act 2016 requires registration before a project is advertised, marketed or sold, and exempts only small projects where the land is up to 500 sq m or there are up to eight apartments, counting all phases. A multi-tower Balewadi project is far beyond that, so a missing registration number is a serious red flag.

Can I check MahaRERA registration by scanning the QR code?

Yes. Since 1 August 2023 MahaRERA has required a QR code in project advertisements, and scanning it should open the project’s MahaRERA record. Use it as a shortcut, but still confirm the result by typing maharera.maharashtra.gov.in into your browser and searching the registration number yourself, because a printed code or a forwarded image can be wrong.

What does an extension certificate on MahaRERA mean?

It means the developer applied for, and MahaRERA granted, more time to complete the project than was declared at registration. The search results show an Extension Certificate link, or N/A if there has been none. One extension is not unusual, but repeated extensions on the same project suggest delays you should factor into rent and pre-EMI planning.

What should I do if a project is not found on MahaRERA?

First retry with a shorter part of the project name, check the district filter, and use Advance Search. If it still does not appear, or shows up only under Revoked Projects, do not pay anything. Ask the developer for the registration certificate in writing and verify that number yourself. You can report unregistered projects through MahaRERA’s complaint section.

How do I check if a real estate agent is MahaRERA registered?

On the MahaRERA home page, open the Real Estate Agent tab in the “Search for MahaRERA Information” panel and search for the agent’s name or registration number, or use the agent Advance Search. Agents who sell MahaRERA-registered projects must be registered themselves, so an agent should be able to give you a number you can check.

What is a quarterly progress report on MahaRERA?

It is the update a developer must file on its MahaRERA project page every quarter, with architect, engineer and chartered accountant certificates (Forms 1, 2 and 3) on construction progress and money withdrawn from the project account. Read the latest one before each large payment. In May 2026 MahaRERA issued notices to 8,212 projects that missed the January–March filing.

A home loan for a 2 crore flat is capped at 75% of the property cost under RBI rules, so the most a bank will lend is ₹1.5 crore, and you must find at least ₹50 lakh plus stamp duty, registration and GST yourself. At 7.5%, SBI’s starting rate from 15 October 2026, a ₹1.5 crore loan over 20 years costs ₹1,20,839 a month. If a lender caps total EMIs at 50% of take-home pay, that needs about ₹2.42 lakh a month in net income.

How much can you borrow on a ₹2 crore flat?

The RBI’s Master Circular on Housing Finance caps the loan-to-value (LTV) ratio at 75% for individual housing loans above ₹75 lakh. On a ₹2 crore agreement value, that is ₹1.5 crore. The same circular tells banks not to include stamp duty, registration and documentation charges in the property cost for homes above ₹10 lakh, so those costs are always yours.

75% is a ceiling, not an entitlement. The sanctioned amount depends on your income, existing EMIs, age, credit score and the lender’s view of the project. Many lenders keep a list of approved projects and check MahaRERA status first; see how to check MahaRERA registration.

Down payment and the cash you need upfront

Item	Man buying	Woman buying alone
Agreement value	₹2,00,00,000	₹2,00,00,000
Own contribution (25%)	₹50,00,000	₹50,00,000
Stamp duty incl. metro cess and LBT (7% / 6%)	₹14,00,000	₹12,00,000
Registration fee (capped)	₹30,000	₹30,000
GST on an under-construction flat (5%)	₹10,00,000	₹10,00,000
Total cash before loan fees	₹74,30,000	₹72,30,000

Stamp duty is at Pune PMC rates; our guide to stamp duty and registration charges in Pune explains the joint-ownership grey area. GST applies only to under-construction flats, as set out in our GST guide. Lenders differ on whether they fund GST instalments, so ask. Add processing fees, legal and valuation charges and a buffer for interiors.

Under a construction-linked plan the cash is not all due on day one. Stamp duty and registration are paid when the agreement is registered, your own 25% usually goes in first, and GST is billed with each instalment.

EMI on a ₹1.5 crore home loan at different rates

The EMIs below use the standard formula EMI = P·r·(1+r)^n / ((1+r)^n − 1), where P is the loan, r the monthly rate and n the number of months. SBI advertises home loans from 7.50% (w.e.f. 15.10.2026); your rate depends on your credit score and profile, so the table runs to 9%.

Rate	15 years	20 years	25 years	30 years
7.50%	₹1,39,052	₹1,20,839	₹1,10,849	₹1,04,882
8.00%	₹1,43,348	₹1,25,466	₹1,15,772	₹1,10,065
8.50%	₹1,47,711	₹1,30,173	₹1,20,784	₹1,15,337
9.00%	₹1,52,140	₹1,34,959	₹1,25,879	₹1,20,693

Stretching from 20 to 30 years cuts the 7.5% EMI by about ₹16,000 a month but raises total interest from ₹1.40 crore to ₹2.28 crore.

EMI and total interest by loan size (7.5%)

Loan	EMI, 20 years	Total interest	EMI, 30 years	Total interest
₹1.0 Cr	₹80,559	₹93.3 lakh	₹69,921	₹1.52 Cr
₹1.2 Cr	₹96,671	₹1.12 Cr	₹83,906	₹1.82 Cr
₹1.4 Cr	₹1,12,783	₹1.31 Cr	₹97,890	₹2.12 Cr
₹1.5 Cr	₹1,20,839	₹1.40 Cr	₹1,04,882	₹2.28 Cr
₹1.6 Cr	₹1,28,895	₹1.49 Cr	₹1,11,874	₹2.43 Cr

A smaller loan is the cheapest lever you have: every ₹10 lakh you put in yourself saves about ₹8,056 a month over 20 years at 7.5%.

Income you need: our FOIR assumption

Lenders test affordability with the fixed obligation to income ratio (FOIR): all your EMIs, including the new one, as a share of net monthly income. Norms vary by lender and income level. We assume 50%, a conservative planning figure; your actual eligibility could be higher or lower.

Loan	Tenure	EMI at 7.5%	Net monthly income needed (FOIR 50%)
₹1.2 Cr	20 years	₹96,671	₹1.93 lakh
₹1.2 Cr	30 years	₹83,906	₹1.68 lakh
₹1.4 Cr	20 years	₹1,12,783	₹2.26 lakh
₹1.4 Cr	30 years	₹97,890	₹1.96 lakh
₹1.5 Cr	20 years	₹1,20,839	₹2.42 lakh
₹1.5 Cr	30 years	₹1,04,882	₹2.10 lakh

• Existing EMIs count against the 50%: a ₹25,000 car EMI raises the income needed by ₹50,000 a month.
• Adding a co-applicant’s income, usually a spouse, is the common way to qualify for a larger loan.
• Tenure is usually limited by your retirement age, so a 45-year-old may not be offered 30 years.
• Variable pay and stock income are often averaged or discounted; ask how your lender treats them.

Under construction: pre-EMI vs full EMI

On an under-construction flat the bank pays the developer in stages, so until possession you owe interest only on the amount disbursed (pre-EMI), unless you opt to start full EMIs early. The table assumes a ₹2 crore flat, your ₹50 lakh going in first, a ₹1.5 crore loan at 7.5%, and demands at the MahaRERA model agreement’s maximum stage limits. Real schedules are often slower.

Stage (cumulative share of price)	Paid to developer	Loan disbursed	Monthly pre-EMI
Agreement registered (30%)	₹60 lakh	₹10 lakh	₹6,250
Plinth (45%)	₹90 lakh	₹40 lakh	₹25,000
Slabs complete (70%)	₹1.40 Cr	₹90 lakh	₹56,250
Finishing stages (up to 95%)	₹1.90 Cr	₹1.40 Cr	₹87,500
Possession (100%)	₹2.00 Cr	₹1.50 Cr	Full EMI ₹1,20,839 (20 years)

The squeeze is paying pre-EMI and rent together. A 3 BHK in Balewadi rents for roughly ₹35,000–55,000 a month (Broker Network, July 2026), so a family renting nearby could pay up to about ₹1.4 lakh a month in the final year before possession. Pre-EMI also does not reduce the principal.

Rate risk after the October 2026 repo hike

The RBI raised the repo rate by 25 basis points to 5.50% on 7 October 2026 and changed its stance to “calibrated tightening” (SCC Online). New bank floating-rate home loans are linked to an external benchmark, usually the repo rate, so increases pass through at your loan’s reset date.

• On ₹1.5 crore over 20 years, a 0.25% rise lifts the EMI from ₹1,20,839 to ₹1,23,142 (+₹2,303); a 0.50% rise lifts it to ₹1,25,466 (+₹4,627).
• If the bank keeps the EMI unchanged and extends the tenure instead, a 0.25% rise adds about 11 months and a 0.50% rise about 25 months.
• Prepayment is your hedge. Under the RBI’s Pre-payment Charges on Loans Directions, 2025, lenders cannot charge for prepaying floating-rate loans taken by individuals for non-business purposes and sanctioned or renewed from 1 January 2026 (Taxmann).

Tax benefits: what still applies

Under the old tax regime, interest on a loan for a self-occupied home has been deductible up to ₹2 lakh a year, and the new regime has not allowed this deduction for a self-occupied home. The Income-tax Act 2025 applies from 1 April 2026 and moves these provisions to new section numbers, so check the current rules with your CA rather than relying on older articles. Interest paid during construction has historically been claimable only after completion, spread over later years; confirm how the new Act treats it before you count on it.

Example: a 3 BHK at Bhansali Bespoke

Housiey listed 3 BHKs at Bhansali Bespoke – The Hamptonns in Balewadi at ₹2.19–2.23 Cr all-inclusive in September 2026; check the latest on our price page. If the agreement value were ₹2.2 Cr, the 75% cap would allow up to ₹1.65 Cr, an EMI of about ₹1,32,923 over 20 years at 7.5%.

Possession is targeted for December 2029, though some portals show December 2030, so a buyer booking now could be on pre-EMI for three years or more. Estimated maintenance of ₹5,800–6,000 a month for a 3 BHK belongs in the same monthly budget. If you are weighing the bigger unit, our 3 BHK vs 4 BHK comparison and the floor plans show what the extra ₹1 crore buys.

Bottom line

On a ₹2 crore flat, plan for a maximum loan of ₹1.5 crore, about ₹72–74 lakh of your own cash for an under-construction purchase, and an EMI of roughly ₹1.05–1.35 lakh on a 20–30 year tenure at 7.5–9%. Keep a buffer for rate rises and for rent plus pre-EMI during construction. This is general information, not personalised financial advice; the only reliable eligibility number is a lender’s sanction letter. To talk through numbers for a Balewadi flat, contact us.

FAQs

What is the EMI on a ₹2 crore home loan?

At 7.5%, a ₹2 crore loan costs ₹1,61,119 a month over 20 years or ₹1,39,843 over 30 years. Remember that a ₹2 crore loan needs a property of at least about ₹2.67 crore, because the RBI caps the loan at 75% of property value above ₹75 lakh. At a 50% FOIR, the 20-year EMI needs about ₹3.22 lakh of monthly take-home pay.

How much salary do I need for a ₹2 crore flat?

With a ₹1.5 crore loan at 7.5% and lenders allowing 50% of net income for EMIs, you need roughly ₹2.42 lakh a month in take-home pay for a 20-year loan, or ₹2.10 lakh for 30 years. Existing EMIs raise the requirement, while a co-applicant’s income lowers what each person needs. Lenders’ FOIR norms vary, so treat this as a planning estimate.

What down payment is needed for a ₹2 crore flat?

At least ₹50 lakh, the 25% the bank cannot fund. Add stamp duty and registration, about ₹14.3 lakh for a man in Pune or ₹12.3 lakh for a woman buying alone, and 5% GST of ₹10 lakh if the flat is under construction. That takes the upfront cash to roughly ₹72–74 lakh before loan fees and interiors.

Can I get an 80% or 90% loan on a ₹2 crore flat?

No. The RBI’s housing finance rules cap the loan-to-value ratio at 75% for individual home loans above ₹75 lakh, and stamp duty and registration cannot be added to the property cost for this calculation. The 80% and 90% limits apply only to smaller loans. A top-up or personal loan to bridge the gap adds risk and cost.

Is a 20-year or 30-year tenure better?

A 30-year loan lowers the EMI on ₹1.5 crore at 7.5% from ₹1,20,839 to ₹1,04,882, but total interest rises from ₹1.40 crore to ₹2.28 crore. Many buyers take the longer tenure for eligibility and prepay when bonuses arrive. For floating-rate loans sanctioned from 1 January 2026, RBI rules bar prepayment charges for individual borrowers.

Should I pay pre-EMI or full EMI during construction?

Pre-EMI keeps early outgo low, which helps if you are also paying rent, but it does not reduce principal and can run for years if possession slips. Starting full EMIs on the disbursed amount repays principal sooner and lowers total interest. If you can afford it without straining cash flow, full EMI is usually cheaper.

GST on under construction flats is 5% of the agreement value for regular homes and 1% for affordable homes, with no input tax credit for the builder. A ready flat whose entire price is paid after the completion certificate or first occupation, and any resale flat, attracts no GST. These rates have applied since 1 April 2019 and were not changed by the GST rate overhaul that took effect on 22 September 2025.

GST on under construction flats: current rates

Type of flat	Effective GST	Input tax credit
Under construction, non-affordable (most Pune flats)	5%	Not allowed
Under construction, affordable (up to 90 sq m carpet in Pune and ₹45 lakh)	1%	Not allowed
Ready flat, entire price paid after completion certificate or first occupation	Nil	Not applicable
Resale of a completed flat	Nil	Not applicable

The rates come from the GST Council’s 33rd meeting recommendations (PIB, 24 February 2019), given legal effect from 1 April 2019 by Notification 03/2019-Central Tax (Rate), which amended Notification 11/2017. We checked the entries against the updated text of Notification 11/2017 hosted by the GST Council; the official notifications are published on CBIC’s GST portal.

How the 5% is worked out: the one-third land rule

The notification never says “5%”. It sets central tax at 3.75% for residential apartments other than affordable ones and 0.75% for affordable apartments. State tax is charged at the same rate, giving 7.5% and 1.5% in total. Paragraph 2 of the notification then deems one-third of the total amount to be the value of land, which is not taxed, so GST falls on the remaining two-thirds:

• Non-affordable: 7.5% × 2/3 = 5% of the total amount.
• Affordable: 1.5% × 2/3 = 1% of the total amount.

The land deduction is fixed at one-third whatever the actual land cost, so most cost sheets simply show 5% of each instalment. The developer must pay this tax in cash and cannot use input tax credit on cement, steel or contractor bills. The GST Council’s stated reasoning in 2019 was that unused credit had become a cost and that removing it should lead to cleaner pricing. The practical effect is that tax on inputs is now built into the base price rather than shown on your invoice.

What counts as an affordable flat for GST

For the 1% rate, a flat must pass both tests in the notification:

• Carpet area of no more than 60 sq m (about 646 sq ft) in metropolitan cities, or 90 sq m (about 969 sq ft) elsewhere.
• A gross amount of no more than ₹45 lakh, counting land and any other charges such as preferential location, development, parking and common-facility charges.

The metropolitan cities named are Bengaluru, Chennai, Delhi NCR (Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai (the whole of MMR). Pune is not on the list, so the 90 sq m limit applies here, but the ₹45 lakh cap rules out practically every flat in Balewadi and Baner. A 3 BHK at Bhansali Bespoke in Balewadi has 1,186–1,212 sq ft of carpet (about 110–113 sq m, see the floor plans) and is listed above ₹2 crore, so it is clearly in the 5% bracket.

Worked examples: how much GST you pay

Agreement value	GST at 5%	30% instalment + GST	Total with GST
₹1.95 Cr	₹9,75,000	₹58,50,000 + ₹2,92,500	₹2,04,75,000
₹2.20 Cr	₹11,00,000	₹66,00,000 + ₹3,30,000	₹2,31,00,000
₹2.90 Cr	₹14,50,000	₹87,00,000 + ₹4,35,000	₹3,04,50,000

Under a construction-linked plan, GST is invoiced with each demand, so you pay it in step with the instalments rather than in one go. Stamp duty is a separate state levy on the agreement value or the ready reckoner value; see our guide to stamp duty and registration charges in Pune. If a lender is funding the flat, ask whether it will finance the GST portion, as our home loan guide for a ₹2 crore flat explains.

Compare like with like. A ready flat with its completion certificate at ₹2.04 crore costs roughly the same as an under-construction flat at ₹1.95 crore plus ₹9.75 lakh of GST, before you count the rent and pre-EMI you pay while waiting.

When GST applies and when it does not

The 5% and 1% entries cover flats sold before completion, “except where the entire consideration has been received after issuance of completion certificate” or after first occupation, whichever is earlier. In practice:

• Booked and paid during construction: GST applies to the instalments.
• Bought after the completion certificate or first occupation, with nothing paid before it: no GST.
• Resale of a completed flat by its owner: no GST.
• Booked before the certificate, with the last instalment due after it: builders’ treatment of that final instalment varies, so get their position in writing before you sign.

In Pune, ask for the occupancy certificate issued by the planning authority and compare its date with the dates on your payment receipts.

GST on parking, maintenance and other charges

• Car parking, floor rise, preferential location and development charges billed as part of the apartment price are generally charged at the same 5%. The notification itself counts them in the gross amount for the affordable test.
• Advance maintenance collected by the developer at possession is a separate service and is usually billed at 18%.
• Club membership or amenity charges billed separately are also usually billed at 18%; check whether the clubhouse and other amenities are paid for inside the agreement value or outside it.
• Society maintenance after handover: CBIC’s Circular 109/28/2019-GST says contributions to a residents’ welfare association are exempt up to ₹7,500 per member per month, and an association with turnover of ₹20 lakh or less need not register at all. Above both limits, the circular says 18% applies to the entire amount, not just the excess, although that reading has been challenged in court.

At Bhansali Bespoke, estimated maintenance of ₹5,800–6,000 a month for a 3 BHK is under the ₹7,500 line, while the 4 BHK estimate of ₹9,000–9,100 is above it. Whether GST applies to the 4 BHK charge will depend on the society’s turnover once it takes over.

What GST 2.0 changed for home buyers

The GST Council’s 56th meeting on 3 September 2025 approved the rate overhaul now called GST 2.0, with new rates from 22 September 2025 (PIB release). Cement moved from 28% to 18%. The construction-service changes in the same release cover government works contracts and offshore oil and gas contracts; the residential apartment entries were not touched, so the 5% and 1% rates continue.

Cheaper cement lowers a developer’s costs, but because builders cannot claim input credit on residential projects, any saving reaches you only if the developer cuts the base price. Nothing passes it on automatically, so negotiate the price rather than expecting it.

GST checklist before you sign

1. Ask for a cost sheet with agreement value, GST, stamp duty and registration on separate lines; listings use “all-inclusive” for very different things.
2. Confirm the rate applied (5% or 1%) and that the GSTIN on invoices belongs to the promoter entity.
3. Check that GST is charged only on instalments actually demanded.
4. Get in writing how any instalment due after the occupancy certificate will be treated.
5. Check how parking, club and advance maintenance charges are billed, and at what rate.
6. Match the promoter name on invoices with the MahaRERA record; see how to check MahaRERA registration.
7. Keep every tax invoice for refunds if you cancel and for your cost records when you sell.

Bottom line

For almost any under-construction flat in Balewadi, budget 5% of the agreement value as GST, paid with each instalment and added to stamp duty and registration. A ready flat bought after completion, or a resale flat, saves that cost but usually commands a higher base price. This is general information, not tax advice; for a specific purchase, ask a chartered accountant to review the cost sheet. For the current split at Bhansali Bespoke, see the price page or contact us.

FAQs

What is the GST rate on under-construction flats in 2026?

5% of the agreement value for regular homes and 1% for affordable homes, both without input tax credit to the builder. Legally this is 7.5% or 1.5% charged on two-thirds of the price, after a deemed one-third deduction for land. These rates took effect on 1 April 2019 and were not changed by the GST 2.0 overhaul of September 2025.

Is GST applicable on ready-to-move flats?

Not if the entire price is paid after the completion certificate is issued or after first occupation, whichever is earlier. Such a sale is outside GST, and so is the resale of a completed flat by its owner. If you booked during construction and part of the price was paid before the certificate, GST applies to those instalments.

Is GST charged on the full flat price or after a land deduction?

After a land deduction. The notification deems one-third of the total amount to be land, which is not taxed, and applies 7.5% to the remaining two-thirds. The result is an effective 5% of the full price, which is what most cost sheets show. The one-third figure is fixed, whatever the actual land cost of the project.

Can a home buyer claim input tax credit on GST paid for a flat?

No. A buyer purchasing a home to live in or hold is not making taxable supplies, so there is nothing to set the credit against. The developer also cannot claim input tax credit on residential projects under the 5% and 1% scheme. The GST you pay on instalments is therefore a straight cost, which is why it belongs in your budget from day one.

Did GST 2.0 reduce GST on flats?

No. The 56th GST Council meeting, effective 22 September 2025, cut GST on cement from 28% to 18% and changed several construction-service rates, but the residential apartment entries stayed at 5% and 1%. Lower cement costs help developers, but no rule passes that saving to buyers automatically, so it shows up only if the developer reduces the base price.

Is GST payable on car parking and maintenance charges?

Parking, floor rise and similar charges billed as part of the flat’s price are generally taxed at the same 5%. Advance maintenance collected by the developer is usually billed at 18%. Once the society takes over, maintenance is exempt up to ₹7,500 per member per month, or if the society’s turnover is ₹20 lakh or less, according to CBIC Circular 109/28/2019.