Hidden Costs of Buying Property in IndiaNovember 19, 2021

Hidden Costs of Buying Property in India

Buying property is a huge milestone in anyone’s life, and something to be proud of. It’s an exciting feeling to buy an apartment and finally become a homeowner. However, there are some loopholes through which the cost of your purchase can go up. Here is a look at some hidden costs that go along with property buying:

Location Charges

Your salesman might suggest you buy an ‘apartment with a view’ and who wouldn’t want that? But that’s where the hidden charge comes in. The upper floors in high-rise buildings cost more than the lower floors! Apartments facing the sea, park or swimming pool cost more too. Choose wisely.

Parking Space

Builders advertise parking spaces as part of their amenities, fooling homebuyers into believing that parking space is part of the whole deal. But when buying the apartment, the parking space is added as a separate charge. Keep this additional cost in mind when home shopping as it can easily cost you an additional 1-5 lakhs, depending on location.

Maintenance Deposit

While apartment dwellers typically pay maintenance charges on a monthly basis, developers of new apartment projects are increasingly requesting for apartment maintenance fee for 1 to 10 years, upfront. Maintenance fee per square feet typically depends on the location of the property and the cost of services offered.

GST

Ready-to-move-in apartments are exempted from Goods and Services Tax. The same applies for properties that have procured the Completion Certificate. However, GST becomes applicable on under-construction apartments. The cost quoted for under-construction homes might appear less when compared to ready-to-move-in apartments, but the tacking on of the GST at the last stage reduces the cost gap between the two categories.

Property Registration

Stamp Duty or Registration fee is a mandatory fee paid to the state government when changing ownership deeds. The value is different in most states, ranging from 5-7% of the property value. Keep in mind that you will also need to pay the lawyer/notary for verifying the paperwork needed.

You will also need to keep interior designing costs in mind. This could include extra for electrical, plumbing, paintwork, fixtures, furnishing, etc., depending on your own unique needs. Other than this, there are the movers-and packers to consider too.

RECENT POSTS
ARTECH REALTORS

properties to invest in Trivandrum

Top Residential Properties to Invest in Trivandrum

Trivandrum, the capital of Kerala, is a bustling city that has seen significant development over the years. The city is… Continue reading Top Residential Properties to Invest in Trivandrum

Read More
home-insurance

A Definitive Guide to Home Insurance

Home insurance is a crucial aspect of home ownership in India that is often overlooked. It is a type of… Continue reading A Definitive Guide to Home Insurance

Read More

Related Projects

A few of our inspiring projects

Apartments in Trivandrum

Being the state political capital, an educational hub as well as home to Kerala’s largest and rapidly-expanding IT hub, Artech has realized the growth potential of Trivandrum as a prime spot for real estate investment. Artech builders in Trivandrum offer a number of lavish and eye-popping apartment projects located in classy niche areas to inspire you.

More
Information
Apartments in Thrissur

The city built around the base of a 65-acre hillock is steeped in rich cultural and spiritual history. Aside from being known as the cultural hub of Kerala, Thrissur is also known as a major business center. Artech offers Thrissur, one of its finest creations to-date, the Artech Gateway, featuring exclusive lifestyle apartments.

More
Information
Apartments in Kollam

Located on the banks of the scenic Ashtamudi Lake, this ancient city dating back to the biblical times, has a strong commercial reputation. The verdant beauty of this city also attracts many people to set-up homes here. As flats in Kollam are in great demand, Artech Realtors have a number of luxurious projects offering superior homes with amazing blue vistas to its residents.

More
Information
Apartments in Kottayam

Kottayam has always been at the forefront for education and literacy. Aside from this, it’s a peaceful town that thrives on commerce. Artech Realtors have given Kottayam their first taste of high-end luxury living with Artech Rio. The unending views of the surrounding greenery, the meandering river and outstanding amenities makes life in these classy apartments one-of-a-kind.

More
Information
Apartments in Thiruvalla

Thiruvalla, which has earned the moniker the ‘Land of the NRIs’ is situated on the banks of the Pamba and Manimala rivers. With a paucity of suitable homes for the cream of the society, there was a glaring need for luxury flats in Thiruvalla. The blissful Artech Kaazhcha apartments offer an inspiring mix of high-end comfort and luxury.

More
Information

DISCLAIMER

The information provided on this website is meant for general guidance. Though we have taken utmost care on the accuracy of the contents, the customer should make an autonomous assessment of the contents. However, the prospective buyers should rely upon the terms and conditions of the sale and construction agreement between the Builder and the Client.

The visuals of the projects symbolize artistic impression only. The information contained herein including the fittings, finishes, features, floor size and color etc. in the visuals are subject to change. However, the plans & specifications indicated in the Builder and Client agreements are final and we have not authorized anyone to make any oral commitments or promises on our behalf in regard to the plans and specifications of the apartments/projects.

For any clarification please feel free to call +91 9847 600 600 or walk into our offices. Our representatives will always be at your service.