Top 4 other Charges in Real Estate
Property is a primary requirement of the people and it is also considered a good sector from the investment point of view. As a first home buyer, we always try to calculate price and check the budget for home buying, but still we missed few things which come to know us later about that charges which effect your calculation and budget as well.
We will discuss here about those most important top 4 other charges in Real Estate which is mandatory to pay when you buy a property.
Floor Rise or Floor Bend Price
Now a day in Real Estate sector’s floor rise and bend price this concept has become one of a very common practice for the extra charges. Every developer puts the extra cost of the flat if you book on a higher level.
Now all the development and infrastructures are built by developers on premium level in which developers put the cost of the view and it charges varies project to project.
These charges are fixed by developers, according to project on the name of location, city view, amenities view, greenery view and many other things.
In Bend price charges developers segregate tower into two or three parts according to tower heights. These charges increase the flat cost if you shift from 1st to 2nd bend or from 2nd to 3rd bend. That charge will come to know by builders sales department what extra cost you will pay.
Maintenance & Parking Charges
Maintenance and Parking Charges in Real Estate as an important charge which you always pay for the developers in advance of 1 Year or 18 months.
Its charges are varied according to the lifestyle amenities and location of the projects. Maintenance always calculated on per sqft. of carpet area.
If the project has multiple amenities like Swimming pool, Children’s play area, Jogging tracks, Club house or etc. so charges get increased rather than normal stand alone tower. Once the tower get delivered and OC received after that society decide these charges if maintenance as per sqft. carpet area.
Basically, in Maintenance includes Gas Pipeline charges, Electric charges, Water connection Charges, 1 year or 18 months society charges in advance & etc. All these charges and cost varies project to project.
Parking charges are also one of the charges that cost you from 6L-10L approximate in Mumbai side. Its charges depend on location and area where you are looking for a property . Now developers give the package amount of the apartments in which every things is included with the society Maintenance and Car park cost.
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Stamp Duty & Registration
There are few norms and conditions which we have to follow of the government for owning houses. In this for getting ownership of the apartment we need to get registered under RERA act which charges is 1% of the Agreement value if the property value is less than 30L and any property which agreement value is more than 30L than registration charges will be 30K rupees and pay the stamp duty to the government, which is now in Mumbai city for 5% but it varies or change time to time so if you are going to booked the property anywhere so first you check these charges.
Current Stamp Duty & Registration Charges
|Gender||Stamp Duty Rate|
|MALE & FEMALE As join Owners||5.00%|
Goods & Service Tax Charges(GST)
The earlier GST rate was on residential property of 12% and the affordable segment of properties had 8% of GST charges, but from March 2019 the Good and service tax is reduced and the current rate is in Mumbai of 5% of agreement value for residential property and 1% of agreement Value on affordable segment properties.