REAL ESTATE GUIDE
- Stamp duty
- Registration fees
- Legal fees
- Brokerage fees
- Society transfer charges (in buildings with societies)
- Cost of renovation/improving the property
- Cost of furnishing the property
- Future house tax/property tax payments
- Maintenance fees
Buyers need to understand the different factors advantage and disadvantages of each individual property.
If the property is Independent House vs. Apartment in a Co-operative Housing Society: Setting aside advantages related to independence and privacy, some of the most important factors to consider while making this decision in India are maintenance costs and responsibilities, A housing society may provide the facilities such as swimming pools, health clubs, and gardens, and arrangements for parking, security, power backup, etc.
New construction or Old: Sale price is generally determined on the basis of built-up area i.e. the measurement of the residential unit at floor measurement, including projections and balconies, and is measured from the external perimeter of the walls, whereas the carpet area i.e. the total area of a premises measured from the internal walls, is the area that is actually usable. In new constructions, the difference between the two might be substantial, and a buyer can end up paying a hefty sum for a smaller apartment, whereas in old constructions this difference is far lower.
Title is free from defects
- There are no encumbrances on the property
- Property is not locked in litigation
- Inherited property has a probated will
- Property Tax
- No Objection Certificate (NOCs)