Hi Friends,

I am a NRI based in UK and I bought a flat in Maghaun Maple sec 50 which is due to completed by Sept'11.

In my many futile attempts to contact the builder and Noida authority to tell me abt the costs and formalities involved once the flat is ready so that I can plan things accordingly, I am unable to get a clear and precise answer.


If you guys can throw some light on the issue and advise me as to how much expenditure I can expect once the flat is ready , I would be obliged.

The areas I have so far identified are

- stamp duty payment but at what rate they are unsure..any registration chgs involved on top of stamp duty

- the builder adv that the stamp duty needs to be paid on Indian Rupees 70 lacs

- once the flat is ready what is the time frame the stamp duty needs to be paid ..i think it is with in 6 myhs to avoid any penalties

- may be chgs for electrical meter installation

- any documentation chgs involved

- flat is 2400 sq ft

- maintainence chgs

- may be hypothetically the costs of getting interiors done such as wardrobe in 4 bed rooms , kitchen on a basic or medium level so that I can rent it out so as to cover my partial costs of EMI



Thanks

anurag
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  • 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.
    CommentQuote
  • 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.
    CommentQuote
  • 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 ?
    CommentQuote
  • please clear registration charges..

    Originally Posted by amarakbar
    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.
    CommentQuote
  • Ghaziabad comes under developed area in UP so additional 2% surcharge which totals 7%.

    For apartments there is fixed circle rate unlike houses constructed on plots. In case of sector 50/61/62 etc the present circle rate is 30000 per sqm, which is likely to be increased by 20% from july. This is further increased by 25% for apartments in GHS with swimming pool/club etc.

    Further discount of 5% is given for flats from 3rd floor onwards going maximum upto 20%.
    CommentQuote
  • Originally Posted by chandra2034
    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.


    Dear Mr Chandra ,

    Many thanks for the deatiled reply you have given. I think it will be of great benefit to all of us.

    Hats Off to You !!!!!!!

    Regarding you question whether Mahgun is increased super built area or not or change in size, I am not aware of it. Sorry about this as I hardly get a chance to speak to the concerend person due to their busy schedule but whenver I speak to them I will raise this issue and contact you immediately.

    Regards

    anurag
    CommentQuote
  • Hi,

    You told that "stamp duty payable at 5% or & 7% which ever is applicable at the purchase point on basic cost of my flat"

    These stamp duty show 14% of property value in UP and 13 % in Delhi...
    Stamp Duty Calculator
    Stamp Duty - Calculator
    CommentQuote
  • Originally Posted by djvjain
    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.

    Dear Mr Jain ,

    I agree with you totally on this


    Regards

    anurag
    CommentQuote
  • Originally Posted by MANOJa
    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 ?


    Dear Mr Manoj,

    Many thanks for the information.

    Regards

    anurag
    CommentQuote
  • Dealing with all the headache of builder surprises, delays, extra charges(some of them are one time),increase in super and not carpet area etc makes me wonder if buying a ready to move-in property is a better idea in today's time?

    Originally Posted by anurag1975
    Dear Mr Jain ,

    I agree with you totally on this


    Regards

    anurag
    CommentQuote
  • Originally Posted by djvjain
    Dealing with all the headache of builder surprises, delays, extra charges(some of them are one time),increase in super and not carpet area etc makes me wonder if buying a ready to move-in property is a better idea in today's time?



    BUY IN PRE-LAUNCH : FULL TENSION

    BUY UNDER CONSTRUCTION : STILL TENSION

    BUY RTM : PIECE OF MIND
    CommentQuote
  • Originally Posted by SMJ2011
    BUY IN PRE-LAUNCH : FULL TENSION

    BUY UNDER CONSTRUCTION : STILL TENSION

    BUY RTM : PIECE OF MIND


    I TOTALLY AGREE ON THIS.....
    CommentQuote
  • Anurag,
    While most of your questions have been addressed, let me add that you must also keep aside around Rs 2.5L for wood work, if it is not being done by the builder (Which in most cases is not done unless it was haggled about at the time of purchase AND is also mentioned in the agreement). The rough guide for BASIC woodwork is Rs 1 L per 1000sft of area. While at it please also remember that the carpenter would need min one month for a house of your size.Let me also add... things aint so bad here.. or do I say that we have found ways of working AROUND the system. SAD but thats the way it is. So dont u worry and get here in time; everything is done. And lastly, DONT tell the people dealing with your case in any office that you are a NRI!!!! They will make sure that you are delayed into submission.
    Regards,
    Narendra
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  • You are correct Narendra,

    Anurag, here in UK all renting, selling, buying, property management is very well regulated and straight fwd, escalation agencies like ARLA, DPS etc are involved. Indian RE market is still unregulated.
    Be cautious while renting your property, try to let to company lease better if getting few quid less.
    CommentQuote
  • Originally Posted by Narendra S
    Anurag,
    While most of your questions have been addressed, let me add that you must also keep aside around Rs 2.5L for wood work, if it is not being done by the builder (Which in most cases is not done unless it was haggled about at the time of purchase AND is also mentioned in the agreement). The rough guide for BASIC woodwork is Rs 1 L per 1000sft of area. While at it please also remember that the carpenter would need min one month for a house of your size.Let me also add... things aint so bad here.. or do I say that we have found ways of working AROUND the system. SAD but thats the way it is. So dont u worry and get here in time; everything is done. And lastly, DONT tell the people dealing with your case in any office that you are a NRI!!!! They will make sure that you are delayed into submission.
    Regards,
    Narendra

    Dear mr Narendra,

    Wood work cots of 2.5 lacs is it for 4 bedroom wardorobes only or something else??

    what is the most I shall invest both for wood work and modular kitchen if i am planning to rent ..extra costs of fans, lights, exhaust etc will come seperately.

    your advise will be much appreciated

    tks a lot
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