04 April 2017
If you are planning to buy a property in Gurgaon, it is the best choice. The property here becomes cheaper and the circle rates slashed. The new flat rates are fixed by the private builders are cheaper than before. There is a decreased in property rates. The current property cost of Gurgaon shows the actual market cost and determines the current trend. These trends can help the investors to buy right property. However, the rate data will give the buy detail records of the property information. The buyers and sellers get the most out of the market conditions.
An Overview of Correct Price of the Property, Gurgaon
Currently circled rates in Gurgaon is Rs 25,000 to 42,500 per square yard( residential area)
Residential floors rate range from RS. 3,825 to 4,675 square feet.
Residential apartments range from RS. 2,210 to 5,950 per square feet.
Circle rates signify the minimum rates notified by the Government. This can be calculated as per the circle rate chart that is applied to the area.
Registration charges are an additional cost over the stamp duty and levied to cover the Government registration fees. While registering a property in Gurgaon, you have to pay a slab cost of Rs 15,000. The circle rates vary depending on the place and facilities of the area. Government tends to apply higher circle rates for commercial areas and lower rates for residential properties. Register value of flats in Gurgaon is different from the independent houses in the same area.
Determine the Value of the Property by Using Circle rates
By simply calculate the value of the stamp duty which is payable, you can determine the property rate. You can select the location of the property and according to the facilities, can calculate the actual cost of the property. Builder floors can be calculated as multiplying into an applicable circle rate for builder floors per square feet.
For housing flats built up area flat will multiply by applicable circular cost per square feet. Area of plot in a square yard multiply by applicable the circle rate for land of the location per square feet. House constructed as plot multiplies by minimum cost of construction according to square feet.
Demonetization also impacts on the property in Gurgaon. There are various aspects you can determine the actual price of the property. Real Estate markets quoted the best price for developers and home buyers. Buyers are currently getting good credence in brand and quality of the property. The dropping prices of property impacts in Gurgaon as well. On the other hand banks also lower the loan interest rate. This will deliver a budgeted house to the buyers. This will reduce income tax rates and increase tax free slab. However, from all these aspects you can calculate the actual cost of the flats by estimating the circulated rates and also calculate through the measurement, locality and facilities of the property.
Service Tax and Vat is Calculated to Determine the Actual Cost of the Property
Service tax is levied by the central Government and the basic rate of the property that you pay includes the cost of the land and construction. Parking charges can also exempt the service tax. Service tax is payable to the builders directly only on the purchase of property.
VAT is levied on the movable properties. This will charge at the 1 value of the property. It can be changed according to the location of the property. Floor rise charges will be added as RS 25 per square feet to the number of floors. The infrastructure cost and the utility connection charges are added by the builders for the maintenance of the property in near future. Real Estate is the largest investment that the individual dream to buy. Therefore, to determine the actual cost of the property is very essential for the buyers and investors. The initial cost does not add any ultimate cost to pay for raising the budget. The registration cost forms a minimal amount depends on the complete worth of the property.
Registration Fees Payable to the Court
In addition to the expenditure, a registration fee of 1% to 2% is payable to the court as property cost. The exclusive parking area in the residential area could differ from 2 lakhs to 5 lakhs. This cost depends on the type of parking space available in the community. Interior cost is also can be taken as the expenditure on the property. Interest, tax rebate are a common factor of the exact calculation of the property. The tax exemption applicable on home loans cannot be handed over before the property completion. The maintenance charges of the property deposits for at least 10 years. There are hidden costs are added over to the property and you can determine the actual cost of the property in Gurgaon from the buyer’s agreement.
Basic sale price only advertised by developers and there are other additional cost applied to the property. Location charge also adds the additional cost. The facility of the location can estimate the actual cost of the property. The charges can be added by the developers for the external electrification. This price is charged by the developers for the cabling and wiring of meters to the apartment. The firefighting charges can be paid to the State Government directly. The residential projects should install the fire safety tools for the safety of the buyers.
Power back up charges can be taken by the builders, if there would be any interruption in power supply. The flat owners will get 100% power supply as back up. These charges can be taken by the builders to set up power back up plant inside the society. Electric connection charges can be taken by the EEC and the amount is charged by the builders. This cost will build a powerful electricity meter set up in your society and you will get a connection to the electricity board of your state. Water, drainage and sewage charges are paid to the Government and the cost varies according to the state. Service tax can be charged by the Government on under construction property. The basic price of the property can be determined from the super area, but not the built up area of the property. If built up area is 18 to 20%, there you will pay the cost for 1200sq feet (super area) and the actual built up area in your apartment would be 960 square ft.
Therefore, you can see the actual cost of the property and it will give you an exact idea of the actual cost of the property in Gurgaon.
Determine the Actual price of the Property
The cost of the property will be calculated by the measurement of structure of the flats, location and from the land allotted. Government tax, service tax, society fee and other facilities cost included when you will calculate the actual cost. There are development fee also added by some builders. Location of a property can give you an actual cost of the property. You can calculate the property cost from the above points describes. This will give you an exclusive idea that how to calculate the actual cost. This will ensure to help you in searching the best buy. You can calculate the property cost accordingly. Commercial property has different cost to calculate. Estimate the value of the property from the demand. There are taxes by the Government levied accordingly. The basic cost of the property has standardized to calculate the actual cost. The Union Government goals to rolls out the service tax and finalized across all the states. The implementation of the new tax regime there will be no more service tax levied in Real Estate transactions. This tax is not applicable for ready to move property.
Affordable Homes: Government Makes More Feasible for Buyers
There is a current revised circle rates on the stamp duty in Gurgaon for affordable housing projects. Check the minimum circle rates and stamp payable on the registration of property. Apart from this cost bank charges and brokerage charges are included in the property cost. The amount pay by the buyers to purchase an apartment is 27% higher than the actual cost. An apartment actual cost calculation is depend on various factors like BSP, IDC, EDC and many more hidden charges. The actual cost can be determined from the apartment basic cost. The initial cost of the property does not include in the real cost. The registration cost is different and add up to 75 to 10% of the property cost. There is some miscellaneous cost like notary and lawyers also add in the cost. It is a trend that currently parking charges included as additional charges of the property cost.
The actual cost sometimes depend on the infrastructure of the house, one has to spend for the interior of the house. A delay completion of six months to one year is normal. But more than this can increase the loan interest. Maintenance deposited is another cost that is added in the property value. Many buyers take additional maintenance cost at the time of handing over the property. In Gurgaon property, the circle rates are different from other states. This is the minimum value at which a sale of the property can take place relevantly. The market price determines the value of the property to the sellers and buyers. This depends on the property supply and demand. Circle rates are defined by the local State Government’s revenue department authorities. This will perceive the actual cost of the property and determine the cost at the best. This will determine the actual cost to the sellers and buyers and the circle rates are very less than the market price. In this case registration charges have to be paid to the authority. Floor wise and land wise the cost has to get determined. If you are looking for an actual cost of the property in Gurgaon, then you must see the calculate rates and the demand and supply of the property. Market rates are connected through circle rates.
In property sale and transfer transaction the buyers usually pay the stamp duty cost. This will reduce the velocity of the transaction. Higher revenue for the Government means more funds available for the infrastructure support and development. The calculation of the property in Gurgaon is based on stamp duty, home loan EMI, circle rate etc. you can easily evaluate the property cost by this calculation process and explore the best buy. The actual cost of the property can be calculated by knowing the various additional cost and Government tax applied for the same.