How Much Does It Cost To Buy A 1 BHK Flat In Thane? What Are The Hidden Charges?

How Much Does It Cost To Buy A 1 BHK Flat In Thane? What Are The Hidden Charges?

Looking for a 1 BHK in Thane but confused about the investment details for Residential Projects in Thane? Don`t worry! This blog is going to clear all your doubts regarding the same.

As we know, the demand for 1 BHK flats in Thane is steadily increasing. The current trend in Thane suggests that roughly 65 % of potential home buyers prefer 1 BHK apartments to 2 and 3 BHK apartments. People are steadily migrating to the suburbs in search of more inexpensive housing due to the city`s high property expenses. As a result, Thane may be the best option at the moment.

Thane has a population density of 1,157/ and that is its most appealing feature. Thane is far quieter than Mumbai, which is a densely populated and bustling metropolis. It`s one of the best neighbourhoods for you and your family to live in Mumbai.

Average Cost of 1 BHK Flats in Thane

In Thane, localities like Badlapur, Ghodbunder Road, Kalyan West, and Dombivali East account for nearly 37% of the total availability of 1 BHK houses.

Conventional 1 BHK flats in Thane cost Rs 60-70 lakh, and prices are steadily rising. Several well-known builders have already begun construction in the area, including Lodha, Tata, and Godrej. For homebuyers in Thane and beyond, low rates and superior connections are its biggest Unique Selling Propositions.

Trends in Thane Localities

A 1 BHK flat in Kalyan West and Dombivali East may be purchased for Rs. 15-32 lakhs. You can consider buying a flat in Badlapur if your budget is between Rs. 10 and Rs. 40 lakhs. Apart from the normal amenities, the higher-budget flats for sale in Thane feature additional amenities such as a lounge, parking, and a swimming pool.

You can purchase a 1 BHK property on Ghodbunder Road for about Rs. 40-60 lakhs. Because the road connects the Eastern and Western Express Highways, it has a higher capital value.

A 1 BHK flat in Kalyan West and Dombivali East rents for between Rs. 5,000 and 10,000 per month. Badlapur rents for between Rs. 4,000 and Rs. 5,500 per month, whereas Ghodbunder Road rents for between Rs. 8,000 and 12,500 per month. Badlapur has a capital value per sq.ft of Rs. 3,300, Dombivali East has a value of Rs. 5,800, Kalyan West has a value of Rs. 5,200, and Ghodbunder Road has a value of Rs. 8,600.

It`s worth noting that there is a greater demand for purchasing properties in certain areas than for renting. This is owing to the fact that paying a home EMI is sometimes more inexpensive than paying a monthly rental. In certain areas, monthly rentals are even greater than the EMI.

The Hidden Charges You shouldn`t Ignore Before Buying a House

The thrill of buying your first house is unlike any other. While taking out a home loan to realise this desire is an important element of financial planning, there are other factors to consider when purchasing a property. Your financial duty isn`t only a down payment; you`ll also have to pay a number of extra fees. Knowing about them ahead of time will give you plenty of time to budget for the additional expense. Here are some of the hidden fees that you should keep in mind while buying a 1 BHK in Thane.

Stamp Duty & Registration Fee

Stamp duty is a mandatory cost that the homebuyer must pay to the state government in order for the residence to be registered in his or her name. These fees can range from 5-7 % depending on the state, and the residence will not be registered in your name unless the stamp duty is paid.

The entire and final legal agreement between the buyer and seller signifying a change of ownership is called registration, and the court imposes a registration fee, which is usually 1-2% of the purchase price. This may appear to be a modest sum, but it adds up. Let`s imagine the house`s base cost is 3.75 crore rupees. The stamp duty in this case will be 18 lakh rupees, and the registration fees would be 3.75 lakh rupees. As a result, the total cost of stamp duty and registration fees will be roughly 20-21 lakh rupees.

Brokerage Fee

This isn`t precisely a hidden cost, but it`s one of those household expenses that gets overlooked when you`re looking for a property. The fee levied by the broker - the individual who acts as a mediator between the buyer and the seller – is known as brokerage.

The majority of brokers charge a fee of 1-2 % house price; however, certain brokers are more expensive and may demand a greater fee. It is preferable to understand the details and settle them with your broker right away. For instance, the brokerage will increase the base cost by 3.75 lakhs in the example above.

Advance Maintenance Deposit

When you sign on the dotted line, the builder may request that you pay a maintenance deposit in advance for a particular amount of time. In other situations, this could be for a year, two years, or even ten years.

The maintenance price per square foot may vary depending on the location of your property and the cost of services provided. Though some individuals are still discussing whether or not maintenance should be paid in advance, builders make it a point to collect it because these deposits provide a consistent source of capital.

Parking Space Charges

With such a scarcity of space in our country, parking space is unfortunately not included when you purchase a home. This charge may be greater or lower depending on the location you live in and the size of the available parking space. This charge is a separate payment that must be paid to the dealer. If you fail to pay this charge, the seller has the right to sell it to another society member. Again, the price of a parking space is determined by the project`s location. It typically starts at 1 lakh and can go up to 4-5 lakhs, adding to the list of hidden housing charges.

Preferential Locality Charge (PLC)

The PLC (Preferential Locality Charge) is a fee paid to reserve a unit in a better location within a layout or complex. Although the Preferential Location Charge varies per builder, premium developments often have a higher Preferential Location Charge. Penthouses on top of buildings in Panvel, Flats for sale in Thane ( Navi Mumbai ), and best properties are just a few examples. PLCs are relatively high in Navi Mumbai where the locality possesses a garden or a lake view.

Additional Interior Design/Goods & Services Tax

An additional interior expense should undoubtedly be included in your property budget. Depending on the type of interiors you prefer for your home, this may differ. Account for plumbing, wiring, painting, new furniture, more design work, and fixtures that you may wish to install, among other things. Depending on how you want your home to look and the type of materials you choose, interior design fees might range from 2 lakhs to a blank cheque.

Goods and services tax is levied on all under-construction properties acquired in India. GST is paid to the state government in the same way that stamp duty and registration fees are. The GST rate on an under-construction property is 5%, although it is only 1% for affordable housing. GST is not applicable on ready-to-move houses or residential projects in Thane that have received a completion certificate.

Conclusion: Final Thoughts!

All of the above-mentioned areas have a wide range of home alternatives available for less than Rs 50 lakh. However, before investing in 1 BHK Flats in Thane, we recommend that purchasers speak with a qualified real estate agent to learn the ins and outs of the market, especially given the current market conditions.