Buying a home is one of the important and pivotal decisions we take in our lives. When we start looking for a house of our choice, we always consider the obvious costs. However, most of the times we tend to overlook or are unaware of certain costs that might become a hurdle in the path of buying a new home. These additional costs might hike the overall price for one leading to spending more than the planned budget. So, it is essential to know them before you sign the dotted line.

So, let’s take a look at some of these costs to prepare you better which are as follows:

Registration + Stamp Duty

Registration charges are the fees you pay to the state government to get a residential property in Gurgaon registered in your name. It will be a significant percentage of your allocated budget. Generally, the charges range from 5-7% of the value of your residential apartment in Gurgaon but each state has different stamp duty charges. Additionally, you will have to pay registration fees of around 1-2% of your property value.

Service Tax + VAT/GST

When you buy a new residential apartment in Gurgaon, these are additional charges that are incurred by you. You have to pay VAT/GST while buying an under-construction property. So, VAT/GST will be applicable, when a residential property in Gurgaon is sold from the seller to the buyer. Generally, it is 1-5.5% of the property value. Central Government also levies Service tax and the tax is applicable for under-construction properties, which is about 8-10% of the total property value.

Maintenance Deposit

In the upcoming societies and townships, Maintenance Deposit Advance is generally charged by the builders. However, in other societies, it is charged as a deposit by society members. The maintenance deposit is commonly used for the maintenance of the amenities in the project like gardens, clubhouse, and basic infrastructure facilities such as water supply, lighting, etc.

Parking Charges

Parking space charge is generally excluded in the original cost of the residential apartment in Gurgaon, and therefore in some societies, the parking space needs to be bought separately. However, the parking space cost depends on the size, its setup – if it is covered or open, and the location of the property. If you wish to let go of the parking space, the seller gets the right to sell it to another member of the society.

Make sure you are aware of all costs before you make a purchase to ensure that you are not taken by surprise later.