What Are the Hidden Costs of Buying an apartment in Mangalore?

Feb 22, 2025

Purchasing an apartment in Mangalore is an exciting venture, offering the promise of a comfortable home. However, beyond the visible price tag, several hidden costs can significantly impact your budget. Being aware of these expenses is crucial for effective financial planning. This article delves into the often-overlooked costs associated with buying an apartment in Mangalore, including stamp duty and registration fees, Goods and Services Tax (GST), maintenance and society charges, and parking space charges.

Stamp Duty and Registration Fees

One of the initial expenses you'll encounter is the stamp duty and registration fees, collectively amounting to 6.6% of the property's market value. This government levy is essential for the legal transfer of property ownership. It's imperative to factor this substantial amount into your budget to avoid unexpected financial strain.

Goods and Services Tax (GST)

The GST is another significant cost to consider. This tax is levied on the property's sale price, excluding other charges like club membership, parking, and maintenance. Notably, ready-to- move-in properties are exempt from GST, making them a potentially more cost-effective option for buyers looking to minimize additional taxes.

Maintenance and Society Charges

Beyond the initial purchase, ongoing maintenance and society charges are recurring expenses that can impact your monthly budget. These charges cover the upkeep of common areas, security services, and other amenities. The amount varies depending on the apartment complex's facilities and location. It's advisable to inquire about these charges beforehand to ensure they align with your financial planning.

Parking Space Charges

Parking space is often considered an additional amenity, and developers may charge separately for it. The cost for a parking space in Mangalore can vary widely based on the apartment's location and the developer's policies. Clarifying whether the parking space is included in the apartment's sale price or if it's an extra cost is essential to avoid unexpected expenses.

Understanding the hidden costs associated with purchasing an apartment in Mangalore is vital for comprehensive financial planning. Stamp duty and registration fees, GST, maintenance and society charges, and parking space charges can significantly add to the initial and ongoing expenses of your new home. By accounting for these costs early in the buying process, you can make informed decisions and ensure a smoother, more transparent property acquisition experience. Always consult with real estate professionals and legal advisors to get accurate and up-to-date information tailored to your specific situation.

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