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Costs involved once Flat is ready for posession

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Costs involved once Flat is ready for posession

Last updated: June 28 2011
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  • #11

    #11

    Re : Costs involved once Flat is ready for posession

    In Noida registry charges are 5%. There is only dicount of only Rs 10,000 in case of female and 5000 in case of joint registration.

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    • #12

      #12

      Re : Costs involved once Flat is ready for posession

      Originally posted by amarakbar View Post
      In Noida registry charges are 5%. There is only dicount of only Rs 10,000 in case of female and 5000 in case of joint registration.
      can you please specify 5% of what, is it of BSP, total cost or circle rate..

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      • #13

        #13

        Re : Costs involved once Flat is ready for posession

        5% of Total cost.

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        • #14

          #14

          Re : Costs involved once Flat is ready for posession

          Originally posted by skoda0505 View Post
          5% of Total cost.

          Hi friend,

          are ther any reg charges on top of 5% which is like 2.5 % hence totalling to 7.5% of basic chgs

          once again many tks

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          • #15

            #15

            Re : Costs involved once Flat is ready for posession

            It is 5% of basic cost plus parking charges or calculated as per circle rate/floor discount, whichever is higher. In Noida circle rates are increased by 25% if GHS has swimming pool/club house.

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            • #16

              #16

              Re : Costs involved once Flat is ready for posession

              Originally posted by amarakbar View Post
              It is 5% of basic cost plus parking charges or calculated as per circle rate/floor discount, whichever is higher. In Noida circle rates are increased by 25% if GHS has swimming pool/club house.
              Helo Friends,

              finally I had a taste of Indian customer service when I finally got to speak to someone in the builder's office to clarify regarding the charges when the flat is ready for posession
              they advised me the followiing
              - stamp duty payable at 5% or & 7% which ever is applicable at the purchase point on basic cost of my flat which is rs 70 lacs

              - since I purchased car park as well, the pmt of which was broken down in 4 insatlments so the final pmt of it plus compulsory club liffetime mebership fees, lease rent and power back up for 2,48,000

              - service tax 10.3% on club and pwer back up amounting to rs 16,000

              - sinking fund????? i do not know what that is for 24,000

              - external electrification chgs + fire fighting equipment att 75 per sq feet for rs 1,80,000

              - Intrest free maintainence security for rs 20,000

              - Maintainnece chgs paid in advance for 2 years at .75 sq ft as the company will manage it for first 2 years amounting to rs1,08,000

              - registration chgs for 12,000 of which rs 10,000 goes to noida dev auth and rs 2,000 is the company's chgs

              and then she told me wittingly at the ned of the call thta why do I worry so much as properety rates are around 5000 per sq ft for my flat and when i bought in 2009 it was 4000 ..

              I advised her I am not planning to sell it and these chgs cannot be justified (as they came as surprise ) just because property prices are high / low

              of the above chgs some i agree but some of them are completly atrocious

              well things are so simple and transparent in UK when u purchase a property

              I am regretting my decision but ther is ther is no point sulking now

              thanks once again to all my friends who took time to reply

              Anurag

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              • #17

                #17

                Re : Costs involved once Flat is ready for posession

                Hi Anurag,

                Most of the items mentioned is clearly written in buyer agreement also will be on builder website except registration charges.

                I am also a buyer of Mahagun Sec 78 Noida project. Real Estate India - Gurgaon - Noida - Delhi - Mumbai - Pune - Chennai - Property Discussion Forum - www.iref.in - View Single Post - Buyer agreement of Different Project of NOIDA In above post I have uploaded my buyer agreement for other new buyers to go through it before buying in above project.

                Most of the charges including sinking fund is clearly written in agreement.
                All the charges etc like car parking/EEC/FFC is clearly mentioned in agreement.
                Means I very well know what I am paying.

                Regarding IFMS (Interest free maintenance charge) you are lucky that paying only 20k for 2400 sqft flat.

                Lot of builder are charging Rs. 50/sqft as IFMS. So if your flat is 2400 sqft they will pocket 1.2 lakh as IFMS.

                Check it here one example.
                Lotus Panache Price List

                Also .75 sqft is very reasonable (Seems like mistake it should be 1.75) lot of high profile builder will charge atleast Rs. 3/sqft. Be here on IREF and see what 3C is charging when giving possession.

                Mahagun is bit honest otherwise for 2 years you might end up paying almost 2 lakh in advance as maintenance charges. Atleast Mahagun has written maintenance charge rate in agreement. Very few builder write in agreement.

                Believe me if not then just wait for Dec 2011, when 3C handover it's flats.

                Lot of builders are charging Rs. 50/sqft as IFMS. Registration charges will be same for all builders.

                I am not supporting Mahagun, I am just trying to say compare them with other builders.

                Can you please mention is Mahagun increased super built up area etc or change in size etc ? If they are doing this then it's really serious issue. Please answer this question. It will help help me.
                Last edited June 26 2011, 02:39 AM.

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                • #18

                  #18

                  Re : Costs involved once Flat is ready for posession

                  Its quite crazy that Mahagun is charging the maintenance of Rs 4500 PM for first 2 years. They won't be doing much as most of the maintenance issue would be ignored with the reason that apartment complex is still getting built.

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                  • #19

                    #19

                    Re : Costs involved once Flat is ready for posession

                    The definition of Sinking fund is -

                    "A sinking fund is a fund established by a government agency or business for the purpose of reducing debt by repaying or purchasing outstanding loans and securities held against the entity. It helps keep the borrower liquid so it can repay the bondholder".

                    Now, how does this fund figure here & why is the apartment owner suppose to pay it ?
                    Please read IREF rules | FAQ's

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                    • #20

                      #20

                      Re : Costs involved once Flat is ready for posession

                      please clear registration charges..

                      Originally posted by amarakbar View Post
                      It is 5% of basic cost plus parking charges or calculated as per circle rate/floor discount, whichever is higher. In Noida circle rates are increased by 25% if GHS has swimming pool/club house.
                      dear i had seen one of the registry of crossing republik flat, there the rate is 7%(may be becoz of ghz.. or free hold issuea as no lease..) also this is applicable on BSP+PLC only not on parking..,

                      further there is a calculation of circle rate for flats = circle rate of land+50% cost of construction( grade A).
                      and max of bost shall be treated as cost of registry.

                      I dont know bout NOIDA, please help, further please clarify is thar rate of registry is applicable for time of buying/time of registry.

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