Help regarding purchase of apartment

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Deal Newbie
seeker9898

Hi, I got this quote from apartment. I didn't understand GST, reg charges 7.5% how it is calculated. can you help me


Also another owner for  apartment told stamp value per sqft is 3072 (super builtup is 1000 sqft: carpet 685 sqft, builtup 801 sqft, common walls 199 sqft). But he is saying 38,50,000 as plot value .

when stamp value is 3072, is asking 3850 (768 more sq ft) goes to black!! this is 25% more.


can you help me understand picture breakup of gst, reg charges , modt for another plot of 910 sqft. They said parking 80 sqft is not registered for stamo, but looks like it is added. its overall confusing.

Screenshot2024-07-01-12-09-09-079com.whatsapp-edit


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Specialist Specialist
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The stamp value is based on guideline value

and it can be higher or lower than market value

If the market value  is what is mentioned in document

there is no black money involved

GST is 1 % for affordable housing else 5 %

Parking is considered as an amenity and may

not be included in construction cost

Registration charges varies from state to state

Registration charges can be say 5 % of land cost +4 % of construction cost

or it can be say 7 % of total cost(called composite deed)

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Benevolent Benevolent
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Is this a resale apartment or a new one from builder?

Deal Newbie Deal Newbie
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Its a new one from builder. There is another resale one (brought ome year back by owner for 3072 per 1000 sqft and asking 3850 in same apartment . He said 3072 would be stamped and remaining is B). Not sure if that's how it should be for apartments in terms of B
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Specialist Specialist
Moderator
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The stamp value is based on guideline value

and it can be higher or lower than market value

If the market value  is what is mentioned in document

there is no black money involved

GST is 1 % for affordable housing else 5 %

Parking is considered as an amenity and may

not be included in construction cost

Registration charges varies from state to state

Registration charges can be say 5 % of land cost +4 % of construction cost

or it can be say 7 % of total cost(called composite deed)

Deal Newbie Deal Newbie
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Scenario 1 (Excluding Parking):

1. Plot Cost (excluding parking):The plot cost is ₹35,94,500 (910 sqft*3950).
2. Parking Cost:The parking (amenity) cost is mentioned as ₹2,00,000. If I do 80 sqft*3950, it comes to 316000 (this is more than value of 200000 they mentioned)
3. Total Cost: Adding the plot cost and parking cost: ₹35,94,500 + ₹2,00,000 = ₹37,94,500.
4. Sale Deed Fee (7.5%): The sale deed fee at 7.5% would be: ₹37,94,500 × 7.5% = ₹2,69,587.50.
   - The mentioned sale deed fee is ₹2,10,500, which differs from the calculated value 269587.50.
5. Alternative Calculation:**
   - If we consider a square foot cost of ₹3,100 instead of ₹3,950:
     - New plot cost = 910 sqft × ₹3,100 = ₹28,21,000.
     - Sale deed fee at 7.5% = ₹28,21,000 × 7.5% ≈ ₹2,11,575 (close to the mentioned value 210500).
   - Black money (difference between calculated and mentioned fees):
     - Black money per sqft = ₹3,950 - ₹3,100 = ₹850.
     - Total black money for 910 sqft = ₹850 × 910 = ₹7,73,500.
     - Additionally, the parking cost of ₹2,00,000 could be considered as liquid money.

Scenario 2 (Including Parking):
1. Plot Cost (including parking): The total cost, considering parking, is ₹37,94,500.(990 sqft*3950)
2. Sale Deed Fee (7.5%): The sale deed fee at 7.5% would be: ₹37,94,500 × 7.5% = ₹2,84,587.50.
   - Again, the mentioned sale deed fee is ₹2,10,500.
3. Alternative Calculation:
   - If we consider a square foot cost of ₹2,850 instead of ₹3,950:
     - New plot cost = 910 sqft × ₹2,850 = ₹28,21,500.
     - Sale deed fee at 7.5% = ₹28,21,500 × 7.5% ≈ ₹2,11,612.
   - Black money (difference between calculated and mentioned fees):
     - Black money per sqft = ₹3,950 - ₹2,850 = ₹1,100.
     - Total black money for 990 sqft (including parking) = ₹1,100 × 990 = ₹10,89,000.

Finaly does this mean on stamp paper sqft cost is 3100/2850. additional amount from 3950 (973500/1089000) is  black or unaccounted ??

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Deal Cadet Deal Cadet
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Location and project?

Deal Newbie Deal Newbie
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Visakhapatnam,AP and these are apartments

Helpful Helpful
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I think in Hyderabad its slightly different. i have bought one from flat owner which already 5-6 years old. no issues.

Deal Newbie Deal Newbie
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Sorry, I didn't understand what's difference

Brand Enthusiast Brand Enthusiast
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@seeker9898 , can you confirm if agreement will be done for full value 38L after which you go for loan?

Even if the registration value is 30L and if he goes for home loan, the loan will be sanctioned on agreement amount which will be full market value say 40L and not registered value 30L, 

This is my understanding, now can the 10L be considered route B as agreement clearly say 40L right?

@Faug . @manishs @Rocking_since_1992 @kukdookoo @bikidas2060

Deal Newbie Deal Newbie
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yes, registration will be done for 30L and 8L is black.

For a 1000 sqft flat (80 sqft parking extra). per sqft 3800 market value

Total: 40,028,000. Breakup below

sale deed: 30 L (3000*1000 sqft)

black: 8L (800*100

7.5% reg: 2.25L (white/cheque)

1% gst: 0.3L (white/cheque)

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