Purchasing a Home in India: A typical real estate project advertisement may say something like, “2 BHK starting at Rs 1.8 crore, 3 BHK starting at Rs 2.6 crore, etc.” This implies that, depending on the buyer’s preferences, the price of a two-bedroom apartment might range from Rs 1.8 crore. The numerous cost components that are add to real estate are one of the reasons why prices vary from one unit to the next. The developer occasionally adds a premium to these cost components as well, depending on the demand and the locality. The buyer must pay stamp duty and registration fees in addition to this price. Additionally, the buyer must pay the Goods and Services Tax (GST) if he purchases a property that is still under construction. The many premium fees that go up to the final cost of the property are cover in detail in this guide.
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The basic selling price (BSP) is what?
We shall explain what a property’s basic selling price is before moving on to the overall cost. This is the base price of the property, excluding taxes, upkeep, and other expenses.
BSP is equal to the undivided share (UDS) of land plus the building and material costs.
Where UDS is the portion of each property unit allotted in a housing society, and the cost of building the property on that land is the cost of creation. Therefore, while purchasing a property, a buyer covers the cost of the land, building supplies, and labor.
Premium fees that the home buyer must pay
There are fees that a home buyer must pay in addition to the BSP. As a house buyer, you should be aware of the same things list below.
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Charges for Preferential Location (PLC)
These fees are assess according to the floor and square footage (sqft) of housing units that are more advantageous than others. For instance, an apartment facing the overpass with no specific view to look forward to will be less expensive than a housing unit facing the podium, swimming pool, children’s play area, etc. The price of a terrace apartment with sun decks will be higher than that of an apartment with just an open balcony.
PLC is also influence by the prevailing trend in consumer preferences. Similarly, individuals choose lower floors in Delhi and Chennai, which is why the PLC is high here. Likewise, in Bengaluru, a view of a lake may fetch an additional 10% of the base price.
Price increases on the floor
People in the Mumbai real estate market want apartments on higher floors. The higher the floor selected, the higher the property’s price. Floor rise prices are the term for this. In Mumbai, floor rise prices usually start after a building’s fifth story. Industry reports state that a floor-rise pricing for an apartment in Mumbai with a view of the Arabian Sea might be between 25 and 30 percent of the project’s base price.
Parking fees
One of the most crucial factors to take into account when purchasing a property is parking. Nowadays, it is unavoidable to purchase a home with parking, even though in the past buyers could select between purchasing a home with or without parking in order to save money. In actuality, the larger the housing unit, the more parking spaces developers supply. For instance, a 2 BHK might only have one parking space, a 3 BHK might have two, and a 4 BHK might have three.
Depending on the property’s location, parking style, and other factors, parking fees might range from 3 to 5% of the entire cost of the property. Tandem parking, open parking, stilt parking, and so forth. The price of the property is increase by the parking fee. Parking fees are typically include in the unit’s base selling price. If the buyer of the house want to purchase more parking, this cost goes up much more.
Infrastructure Development Charges (IDC) and External Development Charges (EDC)
The developer is require to pay the state government the EDC and IDC. These are for building the physical infrastructure, like roads, and the surrounding areas of the project. This expense is first cover by the developer, but it is ultimately add to the property’s overall cost and charge to the buyer.
Upkeep fees
Large podium gardens, parking that extends to two basements, a service elevator, and other amenities are now include in projects, and they raise the maintenance costs that the buyer of a property must pay. The buyer of a home must set aside money for the initial maintenance deposit when purchasing an under-construction or ready-to-move-in property from the developer. The developer must receive this maintenance contribution, which is interest-free. Depending on when the resident’s welfare association (RWA) is establish and the builder turns over the project to the housing society, these will last either a year or 18 months. The money is move to the RWA’s account as soon as it is transfer to the society.
Keep in mind that property owners must pay 18% GST on maintenance fees if they exceed Rs 7,500 per month. Each flat is subject to the GST.
Membership in the clubhouse
The availability of the different amenities is one of the reasons why people invest in gated communities. Therefore, even though the developer promises to include more than fifty amenities in the property, the homeowner is responsible for paying for their upkeep. The developer requires a one-time clubhouse charge to be paid for a specific period of time. A buyer must also keep in mind that the more amenities a home offers, the higher the maintenance costs will be.
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The complex’s amenities
The complex might have amenities like a dining hall or a miniature theater, which will need to be paid for when use. Every time the facility is utilize, the home buyer will be responsible for paying these fees. For example, the cost of a meal for a family gathering might be Rs 8,000 for four hours plus GST (prices vary by project).
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