With each passing year, more and more people are planning to buy property in Mumbai. The city is the capital of Maharashtra and is also one of the largest in India. The thing that makes a living in Mumbai a dream for a lot of people is its vibe.
Not only is it home to Bollywood or the film industry, but is also significant to the history of India. Amongst its list of ancient relics are the Elephanta Island and various cave temples. Besides, it also offers a diverse living experience to its citizens.
Buying a property in Mumbai like in Sunteck Westworld Township requires a lot of research. It is not always possible due to lack of time.
For this, we have created a list of six points that you should check before investing in the Mumbai real estate market
- PLC or Preferential location charges
The city of Mumbai is amongst the most beautiful but is also very crowded. For this reason, you may sometimes have to pay extra while planning to buy a flat in Mumbai. For example, if you prefer a sea facing location or a flat on the top-floor; then there might be PLC applicable. It stands for Preferential Location Charges, which need to be paid for acquiring special features while buying a property in Mumbai.
- Parking charges
One may think that the space they use for parking their vehicle is included in the cost of the flat. However, it is not the same in the case of the Mumbai real estate market. Due to lack of space, you may have to pay parking charges when you buy property in Mumbai. In case you invest in a flat, then the parking space can be bought by paying extra as well.
- GST or Goods and services tax
When you buy property in Mumbai which is still under construction, there is GST applicable on the purchase. However, in the case of bungalows or flats that are already constructed, you may not have to pay any taxes. The normal percentage of GST which is currently being charged is around 12%. Besides, investors can also get full input on tax credit on GST
- Stamp duty
To buy a flat in Mumbai, you need to pay stamp duty so that, it can be legally documented in your name. As of now the stamp duty which is charged in Mumbai Maharashtra is around 5%. It is calculated based on the value of your property. Moreover, it is a mandatory fee which cannot be skipped.
- Maintenance charges
The other thing that a lot of people do not consider is the percentage of maintenance charges that are applicable when you buy a flat in Mumbai. There are many public aspects to a society like the garden, swimming pool, gymnasium, and more. To maintain these facilities the society levies a certain amount of maintenance charges every month.
- Registration charges
The last thing that you must know about before investing in the Mumbai real estate market is the registration charges applicable. Whatever the size of your property might be, the registration charges levied on it is 1%. It is required so that the property can be officially registered on your name, and you can attain the documents of the same.
Make sure to keep these basic points in mind before comparing properties online and making a decision!