However, if you choose a ready-to-move-in apartment that has a completion certificate, there will be no GST levied.Īs much as garden view, sea view, pool view, or lake view apartments sound enticing, these come with an additional cost known as the Preferential Locality Charge.
If you purchase an under-construction property in India, you will have to pay the Goods and Services Tax (GST), which is 5%. However, if you decide to opt for good quality products in a reasonable price range, then you could complete your interiors for about Rs. If you want to use materials like marble, granite, and expensive wood, then it might cost you a hefty sum that could be around Rs. Depending upon your needs, aesthetic preferences, and the quality of these products, the price can be higher or lower. You can choose how your TV unit, wardrobes, bathroom fittings, and much more, need to look. Interiors are an essential part of your home because it adds personality to your space. You must first set a budget for how much you want to spend on interiors when you calculate the total cost spent on your home. 5 lakh + 12-18% GST towards the extra parking slot. Let us assume that you are charged an additional Rs. 2-7 lakh per slot, depending upon the location of the slot as well as the apartment, in general. However, if you own two cars, you will be allotted one parking space, and you might have to pay extra for the other. Residents of the apartments have access to a host of amenities. Both buyers and sellers will pay an agreed-upon commission to the broker for carrying out smooth transactions.Assuming you bought through a broker who charges a 2% commission on the property value, you’d have to pay him Rs. If you are zeroing in on your ideal home with the help of a broker, then, undoubtedly, you will spend a bit more. 6 lakh on stamp duty and registration charges.
The registration charge is an additional 1% of Rs. 1 crore, stamp duties are 5% on property values above Rs. Then, an additional 1% of the property value must be paid to the court as registration fees. In order to register the property under your name, the state government charges stamp duty, which is approximately 5-7% of the property value. 8 Additional Expenses You Should Consider While Calculating the Total Cost of Buying A Flat in Bangalore: – In addition to basic amenities like electrical connection, plumbing, and sewage treatment, homebuyers look for recreational amenities like parks, swimming pools, and gyms. A property is valued on the basis of its features associated with comfortable living. It is common for well-developed colonies to be valued at a higher price when they are located near reputed educational institutions, hospitals, and shopping plazas.Īn apartment with a number of modern amenities is valued at a higher price. Maintaining a property regularly can also add value.Ī building in a commercial or market area has a higher value than one in an isolated residential area. However, they can still have a higher value even if they were well maintained over the years. Newer properties usually fetch a higher price. As a result, such apartments will naturally have a higher price tag as discussed earlier
In general, high-quality homes are more expensive, but this means fewer repairs and reconstructions over time.Ī reputable builder will use good quality materials for construction. Your home’s price is directly influenced by the quality of the construction materials used. In order to better understand what a flat in Bangalore costs, let’s dig deeper: However, there is a possibility that your friend may have paid much less than you did because of factors like the builder’s reputation, construction quality, or amenities offered. Here, we cover all the additional expenses that you may incur when buying your ideal home: Aspects That Determine The Total Cost of Buying A Flat in BangaloreĪ 2 BHK apartment in Bengaluru may have been purchased by you and a friend. Homeowners end up shelling out more than just the cost of the apartment for other aspects. But it doesn’t end with just a down payment and an EMI. To turn the dream of owning a home into reality, we often plan by carefully budgeting our expenses so that we can make a larger down payment. Our lives are filled with milestones – some that we achieve effortlessly such as entering adulthood, and some others that we create for ourselves, such as owning a home or a car. Planning to buy a flat in Bangalore? Calculating the total cost of buying a flat is essential for a smooth purchasing experience & a smooth move into the apartment.
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