What to check in an apartment agreement
Five things to read in the agreement before you book, in ten minutes.
The full cost of a ₹1 crore apartment
Base price, car park, GST, stamp duty, registration and moving-in costs: what you actually pay in Hyderabad.
A price sheet that says ₹1 crore is rarely the final amount a buyer pays. Here is a worked example for a 1,700 sq ft 3 BHK in an under-construction tower, using typical rates at the time of writing. Exact amounts depend on the project and current government rates.
Our price sheet lists the basic price, one covered car park, clubhouse membership and amenities charges together. For this example, these add up to ₹1,00,00,000. GST on an under-construction home is 5 per cent of the agreement value excluding land, which works out to about ₹5,00,000. For a ready home with occupancy permission, GST does not apply.
Stamp duty, transfer duty and registration fees in Telangana together are currently around 7.5 per cent of the registered value, or roughly ₹7,50,000 here. Lawyer’s fees for checking the title and documents add ₹15,000 to ₹30,000. A home loan brings its own costs: a processing fee of up to 0.5 per cent of the loan, and sometimes valuation and legal charges from the bank.
At handover, there are a few more items. A corpus fund for the owners’ association and one year of advance maintenance can together come to ₹1,50,000 to ₹2,50,000 for this size. Electricity and water connection deposits add ₹20,000 to ₹40,000. So the total commitment for a ₹1 crore price sheet is roughly ₹1.14 crore to ₹1.16 crore, before interiors. Ask any developer for a single sheet with all these items listed. Ours lists every charge that we collect, and separately estimates those paid to the government and the bank.
