How to Calculate The Total Cost of Buying A Flat in Mumbai - National

How to Calculate The Total Cost of Buying A Flat in Mumbai

December 10, 2022

Buying a flat in Mumbai is a Herculean task! To buy a luxury flat and apartment in Mumbai, you have to spend a bundle of a penny. Have you ever thought about the hidden charges while buying a flat? Club membership will be charged extra with parking space. You have to pay GST tax also. There is no GST tax on the sale of ready-to-move-in flats. You have to pay a higher amount if you need an apartment which is highly preferred by people. For instance, an apartment adjacent to the seashore is of high preference. There will be a 4 per cent increment in the rates. An external Electrification charge will be applied by the developer for electricity consumption. Firefighting equipment charges are understandable. All residential projects have to install fire safety devices and fire equipment. Infrastructure development charges are paid to the Government by the developer. The charge changes from one state to another. External development charges are paid to the State government by the developer itself. Developers sell car parking spaces too. Open parking and covered parking are charged differently. Open parking is cheaper than covered one. The open parking is more reasonable than the covered one. You have to buy a parking space if you own a car. For recreational activities, club spaces are available in apartments and these are also charged, but for a small amount. An apartment needs a good power backup. There are charges for setting up the power backup too.