Many of us have dreams of purchasing a home. Having a home might mean various things to various people. But if you intend to purchase houses in Mumbai, we can all agree that it is likely one of the largest investments you will ever make. You may have planned and saved for this your entire life.

Now, the majority of us consider the cost of the home or property, the cost of building a home on the property, and possibly even the cost of outfitting it when we consider purchasing a home or piece of property. You will be startled to learn about the additional costs that have forced you beyond your budget once you finally buy the property & register it in your name. It is always preferable to be informed about these fees so that you are ready for them. So bear the following in mind when purchasing real estate in Mumbai:

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When deciding on a budget for your dream home, keep these expenses in mind so that you won’t be caught by surprise by any unexpected costs.

Charges for registration & stamp duty

You made the decision to buy a home or apartment because you liked it. You must register the property in your name in order to become the legal owner of it, and to do so, you must pay the state government a registration fee. In Mumbai and the rest of Maharashtra, the stamp duty is 5% of the price of the property. The registration fees account for roughly 1% of the stamp duty. Therefore, you can register the property in your name after paying the registration cost and stamp duty.

Parking & maintenance expenses:

Everyone now resides in a society. In Mumbai, only the very wealthy can afford an individual home. You must pay these maintenance fees if you can afford a standalone home and do not reside in a community. However, you must pay maintenance fees to the society if you purchase a property in a community. This sum will often be used to maintain the community’s common areas, such as the garden, pool, clubhouse, gym, etc.

This deposit may also occasionally include coverage for basic services like water and electricity. You will pay the builder this sum if the society is brand-new.  However, if the society already exists, you will be responsible for paying its members. Your parking space is typically not included in the price of the house, which is another thing to bear in mind. You must pay for the parking place, and the cost will vary based on how much space you need, where it is located, and whether it is covered or uncovered.

GST (Goods and Services Tax)

This is a tax that the federal government levies. Prior to the GST’s implementation, potential home buyers had to pay both the VAT and the service tax. GST will only be applied to under-construction properties. You will receive a full input tax credit if you pay the effective rate of 12 percent. If the builder has a Completion Certificate, you will not be required to pay this tax if you are thinking about buying finished apartments in Mumbai that are for sale. However, this 12 percent GST will be applied if you are purchasing a house or apartment that is still being built.

Charges for Preferred Location (PLC):

Mumbai is a lovely, albeit congested, city. You might have imagined having a flat that faced the ocean. But be aware that there can be some additional costs involved. There are some apartments in the same building that require PLC. These may be apartments with views, apartments over a certain floor, or apartments with other unique features. Although there are many flats for sale in Mumbai, they are not all the same, so you might opt to spend a bit more to acquire the one you want.

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