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.

5 factors influencing your real estate properties in Gurugram

A real estate property can yield huge capital gains given a perfect set of conditions. Generally, people buying properties are more focused on specific features of residential properties, such as structure, exterior and interior designs rather than paying attention to the factors that impact the value of the property.

Before browsing a new residential project in Gurugram for an affordable price of real estate property, it important to know about the real estate. The value of every unused piece of land will not necessarily go up with time. The market value of certain areas might remain unchanged or even go down with time. It is good to know the factors that can enable you to make the right decision and avoid fruitless investments.

Here are some drivers of the real estate property value:

Location: While buying a new residential project in Gurugram, it’s important to check whether the targeted property you’re planning to buy is located in a developed, developing, or at a location that is going to develop or transform in future. Also, you would have to see if your property is located in a peaceful location or on a highway. If your property is located close to any expressway, you can turn it to your advantage and market value is decided accordingly. Closeness to medical facilities, shops, work locations, and schools should be the other determining factors for families while buying a property. A broad array of good transport facilities and local amenities in the vicinity would certainly enhance the price of your potential property.

Floor: You may get more or less value, depending on the area of your new residential property in Gurugram. Flats on higher floors always cost more when compared to the ones on the lower floor. If your flat is built on a higher floor, you can always capitalize on factors such as sunlight, view, and fresh air.

Geographical stability: It is interdependent on locations. Locations that are susceptible to the effects of natural calamities, such as flooding, earthquakes, tsunamis, and volcanic activities are not considered good decisions when buying real estate property as your family’s safety comes first than any other factor.

Age and condition: The value of a property might not necessarily go up with time. However, the state in which your property is could make a huge difference to the value of the property. The property in excellent condition can get a good valuation on par with a new build of equivalent specifications. 

Security: People always prefer secured places while buying homes as security is the fundamental need. That’s why locations that are safe are more valuable. Also, apartments with facilities like security guards, CCTV cameras, gated societies add to the value of your property.

Apart from the above, the implementation of an affordable housing scheme in Gurgaon can too pave the way for a potential hike in price.