The common trend in housing real estate is
that of gated residential communities which come with swimming pools, kids’
play areas, community halls and landscaped gardens for recreation etc. However,
did you know that none of these amenities are available for free? Developers
often include these costs in the cost of an apartment before offering a
quotation to a buyer. There are quite a few hidden costs associated with properties
in India that buyers must be aware of before going house-hunting.
Parking Space
Most builders charged between Rs 2 lakhs
and Rs 5 lakhs for parking space within a residential community. This was a
huge cause of ire among buyers and led to a lot of disagreements between
developers and buyers. However, the Supreme Court ruled in 2012 that builders
of residential communities in cities cannot charge separately for providing
parking space.
To avoid paying for parking, you should opt
for residential gated community properties in India as many multiplex
apartments still charge a hefty amount for parking spaces.
Interior Decoration
No matter what kind of an apartment you
buy, some amount has to be spent in readying it for everyday living. This
amount depends entirely on your taste and sensibility and could run up to a few
lakhs.
You may avoid this expense by opting for a
fully furnished flat in a residential community. At every stage of
construction, visit the site and instruct the developer exactly what you want
in the apartment.
Maintenance Cost
Needless to say, living in an apartment
complex has a few expenses entailed for its maintenance such as electricity
bills incurred for common lights, salaries of caretakers etc. A lot of builders
charge flat owners this amount as a lumpsum right at the time of construction.
Usually developers quote that they are taking the money for maintaining the
building for the coming 10 years or so. Avoid such schemes of builders because
legally builders are not allowed to do this.
Registration Cost, Stamp Duty and Fees for
Legal Counsel
After a property has been handed over, it
needs to be registered in the name of the owner. The registration fees is
usually 1-2 percent while the stamp duty comes to 5-6 percent of the total
property’s worth. Other fees include those of the legal counsel, notary etc.
The fees that is payable for registration
and stamp duty cannot be avoided but you can save a bit on the amount payable
to the notary and legal counsel. You should research adequately into the amount
that is payable for various heads, so that you can negotiate correctly with
your lawyer.
Costs due to delays
Whenever you buy property, you can always
be sure of delay in delivery by 6 months to 1 year. This may not be the
developers fault entirely as some clearances do take time to come through. In
that case, if you have taken a home loan to buy the property, you would have to
continue paying the EMI. Moreover, tax rebates on home loans would not be
possible unless you have possessed the property. If you have been living on
rent, then you have to factor in rental costs too.
For avoiding these costs, opt for a builder
which is known for timely delivery of projects so that you do not get stuck
with delivery issues of properties in India.
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