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Elizabeth Mathew
posted on 4 MayHidden property costs will shock first-time buyers
Okay I'll be honest — I completely underestimated this process. Looking at a Keya Homes flat in Kaggadasapura. My parents keep saying factor in more than just the property price. What are the actual hidden costs beyond stamp duty and registration? Interiors, society charges, legal verification fees? Not sure what else to budget for.
#hidden-costs#first-time-buyer#kaggadasapura#keya-homes#budgeting
Comments
The main poster is right to ask! Apart from the big ones, don't forget GST on certain charges, property tax advance, and sometimes even a 'clubhouse membership' fee which is non-refundable. My advice: get a detailed, itemized quote from the builder, and then add another 10-15% buffer for things you haven't even thought of. It's better to over-budget than to be caught off guard.
Market conditions in Bengaluru are also making things tricky. Prices are holding firm in many areas, but builders are less willing to negotiate on these 'extra charges'. I was looking at a place near Agrahara Layout, and the difference between the 'all-inclusive' price they quoted and the actual final cost after adding interiors, society dues, and a few other 'development charges' was almost 12-15 lakhs. It's a shocker for first-timers.
Keya Homes in Kaggadasapura? Be very careful. My cousin booked with them for a project near Marathahalli, and the possession was delayed by almost two years. They kept adding 'escalation charges' and 'infrastructure development fees' citing material costs and government regulations. The quality of construction also wasn't up to the mark finally. Legal battles are painful and expensive, so read every single clause in the agreement thrice. Don't just trust what the sales guy says.
U9, my cousin finally got possession last year, but the flat still had snagging issues they refused to fix. They had to spend extra to get basic plumbing and electrical work redone. The builder just gave a 'completion certificate' and washed their hands off. RERA helped a bit with the delay compensation, but it was a fraction of the actual mental and financial stress. So, factor in at least 10-15% of the property value for these 'hidden' or unexpected costs.
U3, that's scary! Possession status kya hai for that project now?
U3, you're spot on. Builders often pull this 'escalation' stunt. It's a common tactic, especially in this current market scenario where raw material costs are fluctuating. Always check their RERA history for project delays.
Totally relate to this post! I bought a flat in Akshayanagar two years back, and I swear, the hidden costs almost broke our budget. Beyond stamp duty and registration (which itself is a huge chunk), we had to pay for electricity and water meter charges, society's corpus fund, maintenance advance for a year, and then the interior work. Legal verification fees for our bank loan also added up. Plus, there was an 'amenity charge' for the clubhouse and swimming pool, which was mandatory. What all did you have to pay *after* possession?
Haan yaar, parking allocation is a real thing! Mera friend Aavalahalli mein liya tha, usko toh extra 'utility area' ke naam pe bhi charge kiya tha, jo floor plan mein dikhaya hi nahi tha. It's like they keep finding new ways to bill you.
U2, post-possession, the biggest hit was definitely the interiors, wiring, modular kitchen, wardrobes. Plus, our society charged a hefty one-time parking allocation fee.
Bhai, you're not alone! Keya Homes ke baare mein maine bhi suna hai. Parents ka point bilkul sahi hai, property price is just the tip of the iceberg. Good luck!