When you think about buying a house, it's not just the price of the property you pay. There are several extra costs that come along with it, which increase the total amount. Most people only look at the house price and think about the EMI. But that is not the full cost.
If you are buying a Rs 1 crore house, it will not cost you only Rs 1 crore. You will end up paying more due to charges like stamp duty, registration fees, GST, and maintenance costs. Stamp duty and registration alone can add a few lakhs. If the house is still being built, GST is also charged on top of the price.
After moving in, you also have to pay monthly maintenance charges for the society, lift, security, cleaning, and other services.
Stamp duty and registration charges are mandatory government fees paid to legally register the property in the buyer's name. These are usually calculated as a percentage of the property's value. These usually add around 6% of the property value, taking the cost up by about Rs 6 lakh, in case of Rs 1 crore house.
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If the property is under construction, buyers also have to pay GST at around 5%, which adds another Rs 5 lakh. Buyers may also have to pay legal and documentation charges for verifying property papers, preparing agreements, and completing loan-related paperwork.
Many builders also charge floor rise fees for flats located on higher floors. Apart from taxes, homebuyers must also account for interior and furnishing expenses, which can go up to Rs 10 lakh. Society deposits and parking charges further add around Rs 2-3 lakh. In addition, legal fees, home loan processing charges, and brokerage can lead to another Rs 2 lakh or more.
Additional expenses can include electricity, water, sewage, and gas connection charges, along with other infrastructure and development costs.
So, if you put all the expenses together, Rs 1 crore home can effectively cost around Rs 1.25 crore, which makes it nearly 25% more expensive than the base price.
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