It is indeed if you forget to factor in the other costs such as stamp duty, maintenance, registration of the property with the local electricity board, a one-time expense of an electric meter, cost of furnishing, fittings and all other expenses to meet your needs and tastes.
Each of these may add few thousands of rupees, which could overshoot your budget. In India, the first hidden cost a home buyer will incur is stamp duty. Normally, the rates quoted by builder are on the super built-up area.
There could be many other components such as floor rise, infrastructure development costs, car parking charges, society and club membership fee, electricity and water charges, advance maintenance collections, etc.
“The budget for a home purchase should also take into account the stamp duty and registration fee, which will be a percentage of the total price of the apartment,” said Mrunal Duggar, vice-president, Homebay Residential, Jones Lang LaSalle Meghraj.
Each of these may add few thousands of rupees, which could overshoot your budget. In India, the first hidden cost a home buyer will incur is stamp duty. Normally, the rates quoted by builder are on the super built-up area.
There could be many other components such as floor rise, infrastructure development costs, car parking charges, society and club membership fee, electricity and water charges, advance maintenance collections, etc.
“The budget for a home purchase should also take into account the stamp duty and registration fee, which will be a percentage of the total price of the apartment,” said Mrunal Duggar, vice-president, Homebay Residential, Jones Lang LaSalle Meghraj.
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