Investing in real estate requires careful consideration of various factors to ensure a successful transaction. Among these factors, there are several additional expenses that buyers should be aware of when planning to invest in 2 BHK flats in Thane. This article will guide you through these anticipated expenses, providing valuable insights to help you make an informed decision.
One of the primary expenses to consider is the registration and stamp duty charges. When purchasing a property, it is necessary to register it legally, which incurs a cost. For under-construction projects in Thane, keep in mind that stamp duty typically amounts to 7-8 percent of the property's value. Additionally, a registration fee of 1-2 percent of the property value is payable to the court. It is important to consult with a lawyer or notary who will review essential documents, ensure the developer has obtained necessary approvals, and handle the paperwork. Other expenses such as home insurance, property taxes, and bank inspection fees may also apply.
Another factor to consider is the Preferential Location Charge (PLC). The PLC refers to an additional cost paid to secure a property in a prime location within a layout or complex. Luxury developments often have higher PLCs, particularly for penthouses with stunning views or villas with exclusive amenities. While these charges are unavoidable, being aware of them enables you to estimate the overall cost accurately and make an informed decision.
Maintenance deposit is another expense to account for when investing in 2 BHK flats in Thane. Builders typically require maintenance deposits for a period of 2 to 10 years in advance. The cost of maintenance varies based on factors such as location, land value, and the type of home. It also depends on the quality and range of amenities provided by the building, including security, infrastructure, clubhouses, pools, and utilities like water and gas. Make sure to factor in these charges when planning your budget.
When engaging with brokers in your search for 2 BHK flats, it is crucial to consider the brokerage fee. Brokers act as intermediaries between buyers and sellers and charge a fee, usually around 1-2 percent of the property's total value. However, certain brokers may charge higher fees. It is advisable to discuss and negotiate the brokerage fee with your broker from the outset to avoid any surprises later on.
Parking space costs are often overlooked by buyers. While parking is essential and adds value to your property, it is not typically included for free. New constructions in Thane may charge anywhere between Rs. 1 lakh and Rs. 5 lakhs for a parking space, depending on factors such as the type of property and its location. Additional parking spaces can be obtained at an extra cost. Make sure to allocate a portion of your budget for parking space if required.
The cost of interior design is a significant expense that cannot be avoided. Many buyers fail to allocate a budget for interiors and end up compromising on their preferences. Interior design expenses include painting, plumbing, furnishings (either new or custom-made), electrical appliances, and other related costs. Depending on the design and complexity, the cost for interior design in new projects in Thane can range from Rs. 3.5 lakh to Rs. 10 lakh. Ensure that you factor in these costs to achieve your desired living environment.
Home loans are a popular choice for many buyers to finance their property purchase. However, there are associated costs, such as processing fees. This fee covers the lender's administrative expenses, including credit checks, document verification, and other services. Additionally, home loans incur interest on the borrowed amount. It is advisable to research and select home loan providers that align with your budget and requirements when considering under-construction projects in Thane.
Goods and Services Tax (GST) is an important consideration for under-construction properties in India. Implemented on July 1, 2017, GST is payable on such properties, similar to stamp duty and registration fees. The GST rate for under-construction projects in Thane is 5%, while affordable housing developments are charged at 1%. However, ready-to-move-in properties or projects with a completion certificate are exempt from GST.
Finally, don't forget to account for miscellaneous expenses when planning your budget for 2 BHK flats in Thane. After purchasing your property, you will likely incur costs for services like packers and movers when you move in. Obtain quotes from different service providers to ensure you get the best value for your money.
Purchasing a property is a complex endeavor, and it requires a meticulous approach and thorough research to ensure a successful transaction. By considering these additional expenses and conducting careful planning, you can navigate the real estate market in Thane more effectively and enjoy a seamless and rewarding investment experience.

Author's Bio: 

Credai Mchi Thane

A natural partnership with all city stakeholders MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

Visit Us-