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Everything You Need To Know About Property Costs While Buying A Property
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Everything You Need To Know About Property Costs While Buying A Property

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If you are planning to buy a property, you will encounter different costs, depending on whether you purchase it in a primary market or the secondary market. Property costs involved are quite different …

If you are planning to buy a property, you will encounter different costs, depending on whether you purchase it in a primary market or the secondary market. Property costs involved are quite different in both cases. Following is an explanation of the different charges involved in buying a property in either of these markets.

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  • 1. Everything You Need To Know About Property costs While Buying A Property
  • 2. While you buy a property, you will encounter costs depending on whether you purchase it in a Primary Market or A Secondary Market
  • 3. Lets learn how Property costs are different in both Primary & Secondary Markets
  • 4. What is Primary market ???
  • 5. When a buyer directly buys property from a builder it is referred to as Primary Market. The property may be either under- construction or Ready-to-Occupy.
  • 6. What are the important costs ???
  • 7. The loan processing fee & documentation charges are the first costs that you will encounter if you are buying a property on bank loan 1 Loan Processing Fees
  • 8. These are imposed by the Central government, primarily for developing and maintaining the infrastructure around the project. 2 Infrastructure charges
  • 9. The PLC depends on the size, rate and alignment of the flat. It is calculated per sq. ft., where the area includes common spaces, car parks, parks and lobbies. 3 Preferential location charges
  • 10. These are charges associated with the building which include electrification, development charges, parking fees, annual maintenance, firefighting and other charges such as club-membership. 4 Utility charges
  • 11. These are charged by the government and are included within the project cost. The government charges a specific service tax and VAT depending on the city. 5 Service Tax and VAT
  • 12. These are charges that vary from state to state which have to be paid separately in the sub- registrar’s office while purchasing a property. 6 Stamp duty & Registration fees
  • 13. What is Secondary market ???
  • 14. A property which is on resale and you are buying a property from an owner instead of a builder is a secondary market. As the property is already ready to move in, you do not encounter the costs seen in the primary market.
  • 15. Learn More About Property Buying here
  • 16. What are the important costs ???
  • 17. These charges are applicable if you plan to buy a property through a broker. 1 Brokerage
  • 18. Depending on the property, you will have other charges such as property & water taxes , electricity bills that may not be settled by the previous owner. 2 Other Charges
  • 19. Have Questions Related to Property Buying ? Get them answered by experts here
  • 20. CommonFloor.com is India's leading property search portal. On a mission to make property search hassle-free, transparent and fruitful; CF has best of breed property search on maps, property search mobile apps and an extensive section for knowledge resources and advice in real estate.

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