Prepare for Hidden Costs When Buying an Apartment in Kolkata

Many home buyers in Kolkata dream of owning a home amidst the Ganga. It’s always fascinating to search for the best apartments in Kolkata. However, the process of purchasing a property is full of hidden expenses that take a big chunk out of the buyer’s budget in the end. That is why you should be prepared for this before buying a flat. 

Buying a home is a major financial investment, therefore you need to have a comprehensive idea of this. Here’s a guide to understanding the hidden costs when buying the best apartments in Kolkata. 

Property Registration & Stamp Duty

In Kolkata, registration fees are around 1% to 2%, and stamp duty is 5% for amounts over 40 lakhs and 4% for amounts under 25 lakhs. Both registration and stamp duty are mandatory government levies on property transactions. Even though these costs are typically paid upfront, it is important to know exactly what that means. Remember these things when looking for luxury apartments in Kolkata. 

Following are the West Bengal stamp duty and registration charges:

Property Location	Stamp duty for property  Rs. 25 lakh and below	Stamp duty for the property above Rs. 40 lakh	Registration fee
Corporation area	4%	5%	2%
Area of Municipal Corporations	4%	5%	1%
Areas not covered by the first two	3%	4%	1%

Cost of Legal Documentation

When purchasing the best apartments for you, you will require the assistance of a legal professional to review the property papers. This is essential for a hassle-free transaction. Keep in mind that the cost of this service varies based on the complexity and experience of the lawyer.

Loan Processing Fees

If you want to get a home loan to buy riverside apartments, there will be a processing fee. Usually, these costs range from 0.5% to 1% of the total. It pays for the overhead associated with handling your loan applications.  

Maintenance Fees 

Every luxury apartment in Kolkata needs to be properly maintained. That is why every society fixes a certain amount for maintenance. It pays for security personnel’s salaries, road maintenance in the community, parks, and lighting fixtures. Understanding these charges in advance will help you get a comprehensive monthly budget. 

Goods and Service Tax

The Goods and Services Tax (GST) does not apply to ready homes/properties. However, properties that are still in the construction phase are subject to the current rate of 12%. It is wise to verify if there have been any updates or modifications before completing your purchase. 

Parking Charges 

The parking lot in your new luxury apartment building will cost you money. Size, desirable location, parking space availability, and the area near the entrance all significantly influence the price. Consider these factors when creating real estate plans to ensure a hassle-free house-buying experience.

Repairing fees

Any well-maintained complex or building may eventually require an unplanned repair. It makes sense to have some extra cash on hand in case of emergencies. It is more likely to occur in buildings, especially older ones with intricate infrastructure. 

So, be aware of these additional expenses when making an online flat booking to prevent financial surprises. This will give you the confidence you need to purchase your ideal house. 

Final Imprint

At Oswal Group, we provide Orchard Amritya, riverside apartments with quality living. We provide you with a breakdown of all possible fees and associated costs when you select one of our apartments. Visit our website and allow us to assist you in locating the ideal space in Kolkata.

FAQ’S

How To Calculate The Cost Of An Apartment?

There is a formula for calculating the price of an apartment. Here it is- Value or resale apartment = Value of the undivided share of land + Depreciated value of building and facilities + value of overheads and expenses.

What Documents Are Needed To Buy An Apartment In Kolkata?

• Allotment letter
• Sale agreement
• Payment receipts
• Property tax receipts
• Sale deed
• Completion certificate
• Copy of building plan
• Proof of payment of stamp duty