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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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  • #21

    #21

    Re : Costs involved once Flat is ready for posession

    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%.

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    • #22

      #22

      Re : Costs involved once Flat is ready for posession

      Originally posted by chandra2034 View Post
      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

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      • #23

        #23

        Re : Costs involved once Flat is ready for posession

        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
        Last edited June 27 2011, 02:15 AM.

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        • #24

          #24

          Re : Costs involved once Flat is ready for posession

          Originally posted by djvjain View Post
          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

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          • #25

            #25

            Re : Costs involved once Flat is ready for posession

            Originally posted by MANOJa View Post
            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

            Comment

            • #26

              #26

              Re : Costs involved once Flat is ready for posession

              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 View Post
              Dear Mr Jain ,

              I agree with you totally on this


              Regards

              anurag

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              • #27

                #27

                Re : Costs involved once Flat is ready for posession

                Originally posted by djvjain View Post
                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

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                • #28

                  #28

                  Re : Costs involved once Flat is ready for posession

                  Originally posted by SMJ2011 View Post
                  BUY IN PRE-LAUNCH : FULL TENSION

                  BUY UNDER CONSTRUCTION : STILL TENSION

                  BUY RTM : PIECE OF MIND
                  I TOTALLY AGREE ON THIS.....

                  Comment

                  • #29

                    #29

                    Re : Costs involved once Flat is ready for posession

                    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

                    Comment

                    • #30

                      #30

                      Re : Costs involved once Flat is ready for posession

                      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.

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