Found a home that just about fits your budget?
Well, you could be paying significantly more than the advertised price! RoofandFloor’s TruePrice ® feature can help you estimate the actual costs involved in buying a home.
Most online property-buying portals and builders always quote the base price, which leaves out additional costs such as taxes, registration fees, and other charges that usually add up to a significant 10-20% increase over the base price.
RoofandFloor’s TruePrice ® feature gives you a close estimate of the actual costs you will incur in buying your dream home.
What hidden costs does TruePrice ® calculate?
Builder charges: There are multiple costs that need to be paid directly to the builder at various stages. These include:
Basic cost: This is the actual cost of the property and it normally comes to about 80% of the total amount. The basic cost is paid in parts, and most builders will ask you to deposit almost 10-20% of this cost at the time of booking.
Car parking: This is another important charge one pays to the builder to book your parking spot on the site. Normally, it ranges between Rs 2-4 Lakh and varies depending on factors like the size of the parking spot, the locality, and the overall project cost.
Maintenance cost: Builders charge maintenance fees in different ways, in the form of fixed monthly charges, per sq. ft. rate, partial flat rate, or sometimes, even with a mixed approach.
PLC: Another addition is the Preferential Location Charge (PLC), which is generally levied on apartments in prime locations within the community. If you want an apartment with a convenient floor rise, a view of the garden or pool, or in any generally preferred location, this charge will apply.
For example, some projects charge up to Rs 25 per sq. ft. for the first floor to almost Rs 550 per sq. ft. for the 25th floor. (Note: True Price ™ Estimate does not cover floor rise costs or premium location charge.)
Statutory and legal charges: Other than the builder costs, there are few charges to be paid to the government at the time of property registration.
These include registration charges and stamp duty. These are levied by respective state governments and must be paid by home buyers during property registration. These charges vary with every state and are usually in the range of 5-7%. Some states facilitate specially discounted charges for women.
SGST and CGST are applicable if the project has not obtained completion certificate by the local authority. SGST=6%, CGST=6%. It is typically charged on the overall property price.
RoofandFloor gives you a detailed price breakup of all costs involved in buying a property to help you make an informed decision. After all, transparency takes the highest place.