Compared to metro cities like Mumbai or Delhi, where real estate prices have risen dramatically over the past few years, Gurgaon’s real estate market hasn’t yet seen a considerable price hike. However, if you are buying a flat in Gurgaon, you must select a suitable place first. Most home buyers cut off some expenses to save significantly for a higher down payment.
So today, we will discuss all the costs associated while buying a flat in Gurgaon.
Factors that determine the charges:
1. Location value
Buying a property in and around commercial areas and busy market districts will be more expensive than buying a flat in isolated residential areas. Also, the cost of well-developed colonies near educational institutions, hospitals, and shopping areas is also higher.
2. Resale value
Newly developed properties mostly have a higher price. Even those properties that have been appropriately maintained over the years can be pretty expensive. Regular maintenance along with upgrades can also increase the value of a home.
3. Construction Quality
The cost of your 3BHK flat in Gurgaon will also depend on the construction materials used. Quality homes are pretty expensive; however, they will require fewer repairs.
4. Luxury Amenities
Residential properties in Gurgaon with more advanced luxury amenities are also expensive. Most home buyers search for apartments in residential complexes that offer basic amenities like power backup, plumbing, sewage treatment, and some leisure amenities like parks, swimming pools, and gyms.
5. Builder’s Reputation
The best builders in Gurgaon will use high-quality materials for their construction. Therefore, such a project will naturally be more expensive.
Additional expenses that you need to consider before buying a flat in Gurgaon
1. Stamp duty
The Indian government collects this fee under Section 3 of the Indian Stamp Act 1899. Stamp duty validates the sale agreement between two parties and is used to keep track of the property.
All the home buyers in India have to pay GST @ 1% for affordable housing and @5% for non-affordable housing while buying under-construction properties like bungalows, apartments, and flats.
Preferential Locality Charge or PLC is applicable for all the apartments with a garden view, pool view, sea view, or Lake view. Whenever you choose a flat or apartment based on a specific view, PLC will be charged, which will range from INR 100 to INR 500 per square foot.
4. Brokerage Fee
If you use a broker to find your dream home, you will pay a little extra. The broker will be charging a commission from both the parties (buyer and seller) for a smooth transaction.
5. Parking Charge
You will only be given one parking spot even if you own more than one automobile. You have to pay additional charges for an extra spot.
6. Maintenance cost deposit
The builder will collect a maintenance deposit to develop a Corpus fund. The money earned from the funds will be used to maintain the communal areas.
7. Miscellaneous charges
Apart from this fee, you can also be asked to pay additional charges. Some of them will have no connection to your apartment, but they may be related to purchasing and shifting. For example, miscellaneous charges might include bank loan inspection fees or the cost of hiring packers or movers.