Whether it's your first house or you're looking to invest, buying a property in Ranchi may be a thrilling experience. But many buyers don't know that the price sellers say is rarely the actual amount paid. Unexpected hidden costs can increase your budget, turning your dream buy into a money headache. You need to know about these hidden costs and how to avoid them to make a responsible choice when you Buy Flat in Ranchi.
Understand the Total Cost of Ownership
The basic sale price (BSP) is often what sellers list as the price of an apartment. This price does not include the number of required and extra fees. Examples are parking fees, club dues, security payments, and registration fees.
In writing, you should always ask for a total cost breakdown when you Buy 3 BHK Flat in Ranchi. Ensure that what is included in the price is clear and what extra will be charged. Ask your builder or agent for a cost sheet, and then go through each part line by line.
Clarify Stamp Duty and Registration Charges
Most of the time, stamp tax and registration fees are one of the hidden costs. In Jharkhand, the stamp duty usually falls between 4% and 7% of the property value. However, this can change based on where the property is located and the type of buyer (for example, women may get a lower rate). 1% is usually charged for registration.
Some buyers think the price they are being given includes these costs, but they later find out they need to pay lakhs more. Before agreeing to the price, ensure it is "all-inclusive."
Be Aware of GST Implications
Goods and Services Tax (GST) is charged at 5% of the total price of homes still being built in Ranchi. If you don't plan for this ahead of time when you Buy Flats in Ranchi, it could significantly affect your spending. Flats finished and ready to move into don't have to pay GST, which is good.
If you're interested in a project that is still being built, make sure that the creator gives you prices that include GST or, at the very least, makes it clear what rate applies.
Look Into Parking and Preferential Location Charges (PLC)
Parking fees aren't usually part of the main price of a house. A lot of the time, buyers have to pay extra for parking places that are open or covered. Based on the job, these can cost anywhere from ₹50,000 to ₹2 lakh or even more.
PLC fees are charged if your apartment is in an attractive spot in the building, like a corner apartment, an apartment facing a park, or an apartment with a higher floor level. The price could be between ₹100 and ₹500 per square foot. Talk about these fees upfront when you buy 3 BHK Flat in Ranchi to avoid shocks later.
Confirm Maintenance and Advance Deposits
Builders often ask for an advance upkeep deposit or a corpus fund when you get your new home. This fund will pay for repairs, upkeep in general areas, and upkeep of shared amenities.
The deposit could be enough to cover the management fees for a year, which can be a lot if the building has a gym, clubhouse, or security services. Make sure you plan for this in your cost estimates.
Legal and Documentation Costs
Your builder may offer legal help, but you may have to pay extra if you hire a separate lawyer to check documents, the title, or the deal. This will cost you more, but it's an investment that will pay off in the long run to avoid disagreements and legal problems.
When the building charges legal fees, find out if they are required and what those fees cover.
Interior and Utility Setup Costs
Many first-time buyers don't consider how much the furnishings, fixtures, and utilities will cost when they Buy Flats in Ranchi. For flats that aren't supplied, you might have to pay more for things like wardrobes, modular kitchens, fans, geysers, and electrical points. Similarly, getting connections for gas, water, and electricity might cost extra based on how the builder sets things up.
Talk to your builder about the level of handover: In this case, what does "ready to move in" mean? Do basic parts come with it?
Verify the Builder’s Reputation and RERA Registration
A builder with a past of honesty and getting things done on time is less likely to surprise you with extra costs. Check out the builder's description on the RERA Jharkhand website before making your final choice. Make sure the project is registered with RERA. The builder must legally tell you all the costs and follow the approved plans.
