What buyers should ask for in a cost sheet
When buying a property, a cost sheet unlocks the full price of what you will pay for your flat. Taking a look at the cost sheet will save you from unexpected costs, and every buyer must take a look at it to know the full price that has to be paid.
Now we can take a look at what buyers should ask for in a cost sheet when buying a flat,
- Base Price
The base price of the unit must be asked for, and it must be checked with the cost sheet. It must be calculated as follows,
Base Price = Rate per sq. ft. of the flat × Super Built-up Area
- Statutory Charges
These are compulsory charges that have to be paid to the government. It includes
- GST (Goods & Services Tax) –5% and only for under-construction flats.
- Stamp Duty charges and Registration charges – Varies by state (6% in Hyderabad).
- Customisation Costs
If you wish for any small changes, like adding extra plugs and shelves, the price will be added here.
- Other Charges
These are the other charges to be asked in the cost sheet.
- Clubhouse Fees – One-time fees to access all the common features inside the clubhouse.
- Parking Fees – Varies with open or closed parking charges.
- Maintenance Charges – It has to be paid in advance at the time of booking for 1 year to maintain the common areas of the property.
- Corpus Fund – A security fund to do any repairs.
- Preferential Location Charges (PLC) – It will be applied only for Park-facing, garden-facing or corner units.
- Floor Rise Charges – Flats on the higher floors will have an extra floor rise charge.
Why buyers should take a look at the cost sheet
These charges have to be noted by buyers when buying a flat as it will help to
- Transparency – Creates trust between the builder and buyers from the beginning.
- Helps to budget – Know how much total money you will need to buy the flat.
- No Hidden Charges – Everything is open, and buyers need not pay any hidden charges in between.
Prestige Golden Grove in Hyderabad is an ultra-luxury residential project that has a transparent cost sheet. All the prices are added in the cost sheet, and there will not be separate hidden charges later. Buyers can take a look at the cost sheet of all the flats in the project and can decide on the one that fits their budget.
Conclusion
A cost sheet is more than a document, and it is your protection against hidden and surprise costs. Whether you are buying a luxury flat or a budget-friendly flat, ask for a detailed cost sheet and confirm every detail to avoid any hidden costs later.
Frequently Asked Questions
- What does the base price include?
The base price covers the cost of the flat based on its size (per sq. ft.).
- Will the cost sheet change after booking?
The base price is fixed once you book, and it will not change.
- Does the cost sheet include GST also?
GST is shown in the cost sheet. It applies to under-construction properties, while ready-to-move-in flats do not have GST.
