Buying individual properties or flats in Chennai is one of the biggest aspirations of many Indians. When it comes to investment, many people extend hands in real estate and gold. Compared to gold investment, the value and money invested in real estate properties in Chennai are higher. Many people prepare a checklist of cost for investment in properties like buying flats in Thirumullaivoyal Chennai vs buying 3BHk flats in Tambaram. Most may look similar, but there are many different pricing charges involved in the location and amenities while purchasing a property in Chennai.
In this article, we have clubbed different cost involved in buying a flat in Chennai other than investing in a flat or property. This article will guide you through creating awareness about additional expenditure that you will come across while buying your dream house.
Interiors are the important feature that shells out many people pocket to design as per the preference. Though you the designer prepare an estimated cost of the interiors design, when designing as your requirements, the cost varies. For example, You would be planned to design your 2BHK flat in Madipakkam within an estimated budget, but in case you are unsatisfied with the design or quality of work you would go for rework which makes your budget. Other than this, there will also be interest, tax, rental rebate loss which might cause delays in the project completion.
Amenities and Infrastructure
No matter what kind of flat you purchase either luxurious flats or affordable 2BHK flats in Chennai metropolitan areas like Velacherry, Madipakkam the real estate builders come up with high-class amenities and features that attract most of the people to make a purchase. The charges for these amenities will make an additional cost to your budget. They are fewer possibilities of skipping the amenities so, before investing in it, make sure that the amenities are beneficial.
Registration costs are one of the major forms that involve a substantial amount. The charge depends on the size of the property and varies from state to state. Generally, the property value is calculated at 6% to 10% of the property value. Additionally, they will be registration fees which are payable to the court, which could be around 1% to 2% of the value cost. A buyer should prepare themself to expend money for all these purposes.
PLC- Preferential Locality Charges
Preferential locality charges are an additional charge which a buyer needs to pay for booking a unit of their preferential location within the locality. The PLC changes from builders to builders, most of the premium and reputed builders charge higher. For example. Villas with a lake view, flat next to lift, penthouses on top of the buildings, and specific requirements like 3BHK flats in Tambaram with north facing, etc., when requirements increase the PLC also increases.
Parking Space Cost
One of the recent trends with property buying is the additional payment for parking space along with the flat cost. The amount varies based on the kind of vehicle parking like motorcycle parking or car parking with or without shelter. The amount usually varies from 2lakhs to 5 lakhs depending on the locality and builders.
Apart from the charges mentioned above, there is additional expenditure like maintenance deposit, civic authority dues and more. It's advisable to prepare an estimation inclusive of 20% to 25% of the overall property cost to avoid complications. Planning your budget with all the add-ons at the initial stage will help you in planning your finance properly. Have a detailed consultation with your real estate builders before investing your money. My Property Boutique is a trusted platform to buy your dream house at your preferred location.