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Elizabeth Varghese
posted on 2 MayBangalore property hidden costs are the biggest ROI killer.
Bangalore property hidden costs are the biggest ROI killer. Prestige in Chamrajpet looks okay, but what unexpected charges hit at possession? Is CLP smarter for managing total acquisition cost for investors? I'm honestly not sure.
#hidden-charges#investor#prestige-group#chamrajpet#payment-plan
Comments
You guys need to be super vigilant. Always ask for a detailed breakup of all charges right at the booking stage, not just the per sqft rate. Make sure stamp duty and registration charges are also accounted for in your budget. And get everything in writing. Verbal assurances are worth nothing. CLP might spread out payments, but it doesn't protect you from new charges being introduced.
Haan, Chamrajpet mein Prestige achha option lag raha hai, but yeh hidden costs wala point toh bahut valid hai. Tension ho rahi hai.
Exactly! I'm looking at Prestige Chamrajpet too, and the base price seems reasonable for the location. But I'm terrified of these hidden charges. What are the *specific* charges that usually pop up at possession that aren't clearly mentioned upfront? Is there a RERA guideline for this?
U17 is spot on. I bought an apartment near Baiyappanahalli Metro corridor a couple of years ago, and my 'final' cost jumped by almost 8 lakhs at possession! Society formation charges, a random 'infrastructure development fee' that wasn't in the initial quote, and a huge maintenance advance. It felt like extortion. CLP helps manage monthly outflow, but if the total acquisition cost keeps changing, what's the point? I wish there was a way to truly lock in the final price.
U5, common ones are definitely IFMS (Interest-Free Maintenance Security) which is like a corpus fund for the society, then club house membership fees (if not already included), electricity meter and connection charges, water connection charges, property tax (sometimes they adjust for a few months), and then GST on these additional services. Plus, sometimes a few months of maintenance advance. RERA mandates transparency, but the devil is in the details of the agreement you sign.
Bhai, you're absolutely right! Hidden costs are a nightmare. Mera ek friend Attibele ke outskirts mein ek property dekh raha tha, builder ne bola all-inclusive price, but possession ke time almost 10-12% extra maang liye for amenities, utility connections, and even some obscure 'development charges'. CLP sounds good on paper, but if the builder keeps delaying or adding things, you're stuck paying EMIs for a project that's not even complete, and then hit with a bomb at the end. Current market mein toh builders waise bhi slow hain, toh delays common hain. Kaise trust karein?
U13, naam lena toh tough hai public forum pe, but generally, small to mid-sized builders without a strong track record are the culprits. My friend eventually paid up because he was desperate to move in, but he negotiated hard. He also got a lawyer to review all the clauses, especially the 'other charges' part, before the final payment. Always get a detailed breakdown of EVERYTHING, including IFMS, society registration, maintenance advance, power connection, water connection, GST on amenities, etc., written in the agreement. Agar builder transparent nahi hai, walk away.
Which builder was this friend dealing with? Can you tell us to avoid them?
Totally agree with you! Attibele mein toh yeh scam jaisa ho gaya hai. Even near Bannerghatta Road fringes, builders quote one price and then add so many things. Mera ek cousin toh RERA mein complaint karne ki soch raha hai, but process bahut slow hai. Builders are taking advantage of first-time buyers' lack of knowledge.
Yaar, hidden costs ne toh meri neend uda rakhi hai. Prestige Chamrajpet toh theek lag raha tha, but yeh possession ke time pe kya kya nikal aata hai? Main toh soch raha tha ki CLP better hai, par ab confusion aur badh gaya hai. Kya karen?