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Be wary of the Hidden Charges while BuyingProperty in Noida

Hidden Charges increase the actual cost of the property; therefore, it’s better to keepin mind these charges while preparing the budget for a new property.Buying a property in Noida is one of the most important decisions for those who wantto settle in the Noida. The buyer goes out of his or her financial capabilities andprepares the budget to buy the property. But o en, the buyer ends up paying extrawhich he or she does not realize. There are a number of extra charges in the form ofextra taxes and other fees which comparatively makes the property much costlier thanits actual price. This extra amount other than the actual cost of the property hurts thebuyer’s pocket as it gets out of the buyers allocated budget for the property. Hence,the buyer needs to be aware of these hidden charges to prepare the budgetaccordingly, before investing in a new property.

1. Stamp duty and registration fees: Getting a property in Noida registered isan important aspect in the propertybuying process. It is a final agreementbetween both the parties that indicatethe change in ownership of the property.In order to get the registration done, onehas to pay a certain amount to thegovernment. The registration form costs aparticular amount, depending on thetotal property value. Though the charges

for stamp duty and registration for Property in India varies from state to state, butusually it is between 4% to 10%. Typically, in a majority of the states, this registrationand stamp duty fee adds up to 5% – 14% of the cost of the property. In addition to thisexpense, there is another registration fee that is payable to the court which differ fromstate to state and varies between 1% to 2% of the value of the property. And, aboveall, there are additional costs that include lawyers and notary fees, who get theagreement done in the court.

2. Service Tax:

umangestatesESTABLISHED IN 1995 WITH A VIEW TO PROVIDE PREMIUM REAL ESTATE SERVICES,UMANG ESTATES HAS ACHIEVED MANY MILESTONES IN THIS INDUSTRY UNDER THELEADERSHIP OF ITS DIRECTOR, MR. VIRENDRA SINGH. THE COMPANY WITH ITSINNOVATIVE AND CLIENT-CENTRIC APPROACH, HAS GIVEN A NEW MEANING TO THETERM CLIENT SATISFACTION BY PROVIDING END-TO-END SOLUTIONS FOREXPERIENCED AS WELL AS AMATEUR INVESTORS IN THE REAL ESTATE SEGMENT. THISIS BASICALLY DONE THROUGH A COMPLETE UNDERSTANDING OF THE CLIENT’S NEEDSAND MAKING USE OF EVERY RESOURCE AVAILABLE TO PROVIDE THE BEST SERVICES.

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The service tax is applicable on the purchase of any property in India that is underconstruction. The imposed service tax is 12.36% of the 25% value of the underconstructed property for constructed property service Tax is not applicable.

3. Preferred Location Charges (PLC):

The term preferred location charge, commonly known as PLC refers to the extra chargethat is levied from the buyer to buy property in Noida in their choice of location. This isapplicable specification in a house complex, layout or residential community. Throughthis charge differs from builder to builder and project to project, property facing thegarden, main road or corner is charged extra owing to a PLC. PLC is also applicablefloor wise.

4. Transfer Memorandum:

Noida authority gives land to develop projects only on leasehold. So anyone who buysa property in Noida will actually own it for 99 years & the authority technically remainsthe first owner. However, even under lease hold, one need to get the propertyregistered in his name. The lease of such property is usually renewed a er the term isover.

The seller has to file an applicable to the Revenue Officer in the authority officerequesting permission to sell the property or transfer of lease. The authority chargesthe transfer Memorandum fees at 5% approx of the circle rate.

5. Utility Charges: The charges referring luxury amenities or those linked with the building come underutility charges. This includes parking in open or closed space, clubhouse membershipfor a lifetime or yearly, firefighting provision, electrical and various other chargesassociated with Government utilities as well. Apart from these there are other chargesinvolved while buying property in Noida such as maintenance, security charges, andothers also. Security charges refer to the expense for employing security personnel,installing and maintaining security arrangements like CCTVs camera, intercom amongothers. These extra charges add up to the initial cost of the project in a huge way andbecome a burden on the shoulder of the buyer.5. External Development Charge (EDC): EDC is usually meant for the maintenance of roads, water, sewage, electric supply,lights and development of the surrounding area. It varies from location to location andadds up to 10% of the entire cost of the project. This charge is levied by thedevelopment authority on the builder, but it is passed on the buyer adding anadditional burden on them.

6. Lease Rent: Since the Authority allots the land to the developers on lease,therefore the developers are required to pay lease rent to the Authority. Like as inthe case of EDC, this lease rent is also passed on the buyer an additional burden onthem.

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JUNE 24, 2015

UMANGESTATES

BUY REAL ESTATE PROPERTY IN NOIDA, REAL ESTATE AGENTS IN NOIDA, REAL ESTATE BROKERS IN

NOIDA, REAL ESTATE BUILDERS IN NOIDA, REAL ESTATE CONSULTANTS IN NOIDA, REAL ESTATE

PROPERTY IN NOIDA, REAL ESTATE PROPERTY SELL IN NOIDA

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