Read this before buying a home in Mumbai!
Mumbai is a little speck on the Indian map, but many people want to live here! Often called the city of dreams and the city that never sleeps, Mumbai is an ideal location for many home buyers. Everyone desires to purchase a home, but doing so can be challenging. You must make extensive preparations for buying your dream home, save money for it, and search for the ideal investment opportunity.
In addition to the home’s worth, there are additional fees that a buyer must pay the real estate developer when purchasing a home. Before buying a house in Mumbai, you should consider these 4 points.
1. Fees for registration and stamp duty
Specific registration fees must be paid to transfer property ownership when you purchase a home. The stamp duty, a separate fee assessed on the market value of the real estate in a given state, is another fee imposed on the property. The stamp duty in Maharashtra is 5% of the property’s value. Additionally, 1% of the stamp duty is included in the registration fees.
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2. Goods and Services Tax
The central government imposes the tax, which applies to projects still being built even when the buyer has already purchased the property. Initially, the client was required to pay two taxes—VAT and service tax—but they have been combined into one, known as GST. The purchasers are not required to make any payments if the developer has completed the construction and has a certificate. GST fees are calculated at 12% of the property’s value.
3. Maintenance & Parking Charges
Society is the next best option because we cannot afford an independent house. Buying an apartment within a society is not the only thing that needs financial spending. After spending the home’s value, the other charges that come into the picture are maintenance & parking charges. The maintenance charges will go into the society’s fund used to take good care of the society, including maintaining public areas, swimming pools, etc. Parking charges are the ones depending on the value of the flat. Thus, make sure to include them in the deal as well.
3. Parking and maintenance fees
The best solution for those who cannot afford to own their homes in Mumbai is to live in an apartment complex, more commonly known as a society. There are other essential expenses besides just the cost of an apartment within a society. After paying the property’s value, the upkeep and parking fees are the following costs. The maintenance fees will be deposited into the society’s fund, which is used to maintain amenities like swimming pools and public spaces. The parking fees are based on how much the apartment is worth. As a result, add them to the value as well.
4. Location Preference Fees
You would want a sea-facing apartment, and renting one in a place like Mumbai might cost you a little more. The additional fee is for your preferred location. So, just a few flats have PLC charges, not all of them. The developer assesses the homebuyer fees based on the apartment’s extras.
In Mumbai, finding a home isn’t very difficult; the challenge lies in determining the exact price. Therefore, the next time you sign up with a real estate agent, remember to question him about the various fees that will apply depending on the property’s price.
Keeping all 4 components in mind, Emonics Infrastructure guarantees the property of your dreams. We accommodate your desires and offer you the best houses that you may be able to call home. Now that you know the 4 most essential things to remember while buying a home in Mumbai, we wish you happy house hunting!