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What are the extra charges in an under construction property?
Preferential Location charges (PLC):
Preferential Location charges (PLC) is a premium cost which a home buyer pays while preferring to book a unit with a better location situated in the same apartment complex. An apartment facing a sea, swimming pool, lake or a park, or Vastu compliant home will be charged a PLC at per sq. ft. rate.
Parking spaces have often been a matter of prime concern for several apartment complexes. Often there are some disputes like allocation of spaces or the fee structures 4%-6% of basic or lump sum.
Infrastructure Development Charges (IDC):
These fees are collected by the government so that they can carry on the development of the area where the township is proposed and in its vicinity. These are the charges that are parallel to the External Development Charges and again these are charged by the government.
Corpus fund / Interest Free Maintenance Security (IFMS):
At the time of possession of commercial or residential properties, buyers are generally liable to pay a number of extra ‘burdens’ known as additional charges. One of the significant among them is the IFMS (Interest Free Maintenance Security) charges. IFMS is a collective sum of money levied from the buyers/investors of a residential/commercial project by the builder, under a separate account.
Power back up:
Electricity generator or a bank of batteries, that can provide adequate power to operate critically important equipment until commercial power is restored.
Lump sum, 1% to 3%.
Stamp Duty & Registration Charges:
Stamp duty ranges from 3 per cent to 10 per cent, depending on the slab decided by the particular state. The onus of paying the stamp duty, normally vests on the buyer of the property.
The GST rates is charges effectively at 12% on property value.
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