Pricing

• Basic cost:
  • Un-Divided Share (UDS) of land: UDS is the share of land each apartment is assigned in a housing society. This share is registered in the apartment owner's name.
  • Cost of construction and materials: While purchasing an apartment, you pay for both labour and the material used in building the apartment.
• Preferential Location Charges (PLC): PLC is levied on a ‘per floor, per square feet' basis, on all units at locations that have some advantage over others. For instance, a unit in the corner or one that is facing the park commands a higher premium than others.
• Parking: Most of the developers charge for covered parking and include the cost for the same in their cost sheet.
• Maintenance deposits and monthly charges: Housing societies offer various amenities and charge a maintenance fee for the upkeep of the same.
• Club membership: If the society has a clubhouse, the membership fee for the first year is included in the cost sheet.
• External Development Charges (EDC) and Infrastructure Development Charges (IDC): These are charges that the developer is entitled to pay to the state government for the development of areas surrounding the project and the development of physical infrastructure such as roads. The cost is eventually passed on to the buyers.
• Stamp duty & registration charges: To have legal ownership of a property, you need to get it registered in the Registrar’s office. For this purpose, Stamp Duty and Registration Fees must be paid.
• GST: GST  out put Tax is 5% on the Sale consideration.

If you are booking the Flat before the construction begins, you only need to pay the booking amount. If it is under construction property, then you need to pay the cumulative amount specified in the payment plan till the current status of construction. 

(For ex: If your payment plan specifies a 10% booking amount, 10% on completion of the plinth, and 10% on construction of the first slab, then you need to pay a total of 30% while booking if the first slab is already completed.)

The maintenance charge is the advance amount to be paid by the flat owners for a specific period defined by the Promoter/Developer (ranging between 1-5 years), required for the upkeep of common areas in the building/ property. This primarily includes charges towards the maintenance of facilities, operations, services, repairs, Annual Maintenance Contracts (AMC), utilities, insurance, statutory requirements, etc.

• GST, which is also mentioned in the price sheet during purchase, is paid along with the flat cost to the Promoter/Developer when demanded, and the Promoter/Developer then deposits the GST with the authorities.

• As applicable and mentioned in the price sheet, TDS is paid by the customer when they make payments to the Promoter/Developer.

• Property Tax is initially paid by the Promoter/Developer to the Authorities, which is then continued by Purchaser as demanded by the Authorities.

• Depending on the property's location and sale consideration or the market value which ever is higher, the stamp duty and registration Fee are pre-decided.

• The rates for stamp duty differ from state to state, and hence the charges vary.

• The stamp duty rates may change from time to time as per the authorities.

• Registration Fee is to be borne by the purchaser and paid to the authorities during registration.

Yes! Maintenance charges are collected in advance subject to the locality, land value, and type of Flat the customer is hoping to purchase. They can also vary depending on the quantity and quality of services, recreational facilities, and amenities offered.

Society Club Membership is part of the Flat purchase. Depending on the offer of the project, the membership charge is either charged separately or in an inclusive manner.

Usually, car parking is part of the overall price sheet and is not charged separately. In case customers wish for additional parking post their purchase of the flat/apartment, the same will be based on the terms and conditions of the project.

• The basic cost of flat/property,
• Taxes (Property tax/GST/TDS),
• Registration & Stamp duty charges,
• Other charges (Maintenance/Water Meter/Electric Meter/Gas Meter Charges, Society Formation, Share Money, Corpus, Club Membership, if any)

Society formation starts once the Promoter/Developer receives 50% consent from the residents of the project to form the society. All the necessary formalities are then completed. Handover formalities are done based on the terms and conditions of the project.

According to RERA, 70% of the amount realized from the home buyers should be kept in an escrow account, opened in a bank recognized by the government. The developer can withdraw money only when it is certified by an architect, engineer, and chartered accountant, that the amount withdrawn is in proportion to the percentage of completion of the project.
A developer cannot accept more than 10% of the cost of the apartment as an advance from the Flat buyer, before getting the Agreement of sale registered.