Tag: property

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Hidden Costs When Buying a Home

Don’t Let These Surprise Expenses Catch You Off Guard!

Buying a home is an exciting milestone—but if you’re only planning for the down payment and loan EMI, you’re missing a big piece of the puzzle. There are several hidden costs involved in property purchase that can add up to a significant amount.

To help you make an informed financial decision, here’s a breakdown of the key hidden costs every buyer should know before closing the deal.

🧾 1. Stamp Duty and Registration Charges

These are mandatory legal charges paid to the state government during property registration.

  • Stamp Duty: Usually ranges from 5% to 8% of the property value
  • Registration Fees: Around 1% of the property cost

📌 Example: For a ₹50 lakh property, stamp duty + registration can cost ₹3–4 lakh.

🏢 2. GST on Under-Construction Property

If you’re buying an under-construction flat, you may be liable to pay 5% GST on the property value (1% for affordable housing).

✅ Note: GST is not applicable for ready-to-move-in properties with Completion Certificate (CC).

🧱 3. Home Loan Processing Fees

Banks and NBFCs charge a processing fee when you apply for a home loan. This is generally 0.25% to 1% of the loan amount.

📌 Example: On a ₹40 lakh loan, you could pay ₹10,000 to ₹40,000.

🏠 4. Society Charges & Maintenance Deposit

Builders or housing societies often charge:

  • Advance Maintenance Charges (6 months to 2 years)
  • Corpus Fund / Security Deposit
  • Clubhouse Membership
  • Electricity and Water Connection Charges

These can collectively range from ₹50,000 to ₹2,00,000 or more.

🛠️ 5. Interior & Renovation Costs

After possession, you’ll likely spend on:

  • Woodwork and modular kitchen
  • Painting and lighting
  • Furniture and appliances
  • Bathroom fittings, curtains, fans, etc.

📌 This cost can easily range between ₹3–10 lakh, depending on your choices.

📜 6. Legal & Documentation Fees

You may need a lawyer or property consultant to verify legal documents, especially for resale or land deals.

  • Legal vetting: ₹5,000 – ₹25,000
  • Notarization, affidavit creation, etc.: additional minor charges

🔐 7. Home Insurance

Though optional, home insurance is recommended to protect against natural disasters, fire, and theft.

  • Annual premium: ₹3,000 – ₹10,000 based on sum insured

💼 8. Brokerage / Agent Fee

If you purchased the property through a broker or agent:

  • Fee may range from 0.5% to 2% of the property value

📌 Tip: Always clarify if the fee is inclusive of taxes or separate.

🚪 9. Parking Charges

Many builders charge separately for parking slots (covered or open), especially in metros.

  • ₹1 lakh to ₹5 lakh depending on location and type

🛑 10. Delay in Possession

If the project gets delayed, you might:

  • Pay EMI + rent for several months
  • Bear the cost of delayed interior work
  • Miss tax benefits on under-construction property

🧠 Final Word: Plan Beyond the Basics

Most buyers focus only on loan EMIs and property price, but hidden charges can add up to 10–15% extra. It’s essential to:

✅ Prepare a comprehensive budget
✅ Read the builder-buyer agreement carefully
✅ Ask for all costs in writing before signing

💬 Need Help Understanding Real Estate Costs?

We offer free consultations to help buyers avoid common financial mistakes. Contact us for personalized advice or a complete home-buying cost checklist.

For more information:

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Property Buying Checklist: 10 Things You Must Verify

Buying a property is one of the biggest decisions you will make—both emotionally and financially. Whether it’s your dream home or a long-term investment, you must proceed with caution. Real estate purchases are often complex, and one small oversight can lead to serious legal or financial issues.

Before signing any documents or making payments, use this Property Buying Checklist to ensure you’re making a safe and informed decision.

✅ 1. Verify the Title Deed

The title deed confirms the legal ownership of the property.

  • Ensure the seller has a clear and marketable title
  • Check if the property is free of legal disputes
  • The name on the title should match the seller’s identity
  • Conduct a title search for at least 15 years

📌 Why? Without a clear title, the deal is legally unsafe, and banks won’t approve loans.

📑 2. Check RERA Registration (for New Projects)

Under the Real Estate (Regulation and Development) Act, all under-construction properties must be registered with RERA.

  • Visit rera.gov.in to verify builder and project details
  • Confirm promised possession date, layout, and land use

📌 Why? RERA protects buyers from delays and false promises.

🧾 3. Ask for the Encumbrance Certificate

This document shows that the property is free from any loan, mortgage, or legal dues.

  • Apply at the sub-registrar office or download online (in some states)
  • Request for a 10–15 year encumbrance certificate

📌 Why? This proves the property isn’t under financial liability or litigation.

🏗️ 4. Check Building Plan & Approval

Ensure that the construction (if applicable) follows an approved layout by the local development authority.

  • Ask for copies of the sanctioned plan
  • Make sure floor and apartment numbers match what’s approved

📌 Why? Unauthorized construction can lead to demolition or denial of occupancy.

🏢 5. Occupancy Certificate (OC) & Completion Certificate (CC)

For ready-to-move properties, insist on:

  • OC: Issued after all building codes and regulations are met
  • CC: Issued after construction is complete

📌 Why? Without these, the property is considered illegal and may not get water or electricity connection.

🧾 6. Review the Sale Agreement Thoroughly

Before making the final payment:

  • Ensure total cost, carpet area, amenities, and possession date are included
  • Include penalty clauses in case of project delay
  • Add details of parking rights, maintenance charges, and club membership (if any)

📌 Why? A registered sale agreement is legally enforceable and safeguards your rights.

🏦 7. Confirm Home Loan Eligibility and Approval

If taking a loan:

  • Check whether the property is approved by your bank
  • Ask for a pre-approval letter
  • Ensure your EMIs are affordable and interest rates are favorable

📌 Why? Loan eligibility depends on both your income and the property’s legal status.

🏙️ 8. Validate the Location and Neighborhood

Visit the property and surrounding area multiple times:

  • Check connectivity, infrastructure, and safety
  • Ask locals about issues like water supply, traffic, and crime
  • Verify zoning regulations (especially for plots)

📌 Why? The location influences both comfort and future property appreciation.

📏 9. Clarify Area Details: Carpet vs Built-Up

Don’t get misled by confusing area terms:

  • Carpet Area: Actual usable space inside the apartment
  • Built-Up Area: Carpet + walls + balconies
  • Super Built-Up Area: Includes shared areas (stairs, lobby)

📌 Why? Builders often advertise prices based on super built-up area, which inflates the cost.

🔐 10. Ensure Security & Amenities Are As Promised

For apartments or gated communities, confirm:

  • 24/7 security, CCTV coverage, intercom, guards
  • Power backup, water supply, elevators, and fire safety
  • Amenities like clubhouses, gyms, and parks (if offered)

📌 Why? These impact both your lifestyle and resale value.

🏁 Final Word: Make an Informed Decision

Don’t rush into buying a property based on emotions, flashy brochures, or verbal promises. Do your research, ask for every document, and when in doubt, consult a real estate lawyer or expert. This checklist is your armor against real estate pitfalls.

Want Help?

If you’re planning to buy a property soon, our team can guide you with documentation, legal support, and verified listings. Just drop us a message or visit Kal Mass Media.

For more information

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What You Should Know Before Buying a Property

Buying a property is not just a transaction—it’s a milestone. Whether you’re investing in your first home, a plot of land, or a commercial space, the process involves careful planning, legal scrutiny, and financial commitment. A wrong decision can lead to years of regret, while the right one can set you on a path of long-term stability and wealth creation.

Here’s everything you need to know before buying a property in India or elsewhere:

🔍 1. Verify the Property Title and Legal Ownership

Before anything else, confirm that the seller has a clear and marketable title. Ask for:

  • Title deed
  • Chain of ownership documents
  • Encumbrance certificate (to ensure the property is free of legal dues)
  • Mutation documents (in case of land or resale property)

Tip: If you’re unsure, hire a property lawyer to vet the documents.

📝 2. Check RERA Registration (For New Projects)

RERA (Real Estate Regulatory Authority) ensures transparency between buyers and developers.

  • Visit rera.gov.in to verify the builder and project details.
  • Check for delivery timelines, layout approvals, and any past disputes.

Why it matters: RERA protects you from delays and fraud by enforcing penalties on defaulting builders.

📍 3. Assess the Location Thoroughly

A property’s value depends largely on location. Evaluate:

  • Distance from schools, hospitals, and markets
  • Access to roads, highways, or metro lines
  • Upcoming infrastructure projects
  • Crime rate and neighborhood quality

Pro tip: Visit the area at different times of the day to check traffic, safety, and livability.

💰 4. Understand the Total Cost Involved

The base price is only part of the cost. Don’t forget:

  • Stamp duty & registration charges
  • GST (on under-construction property)
  • Maintenance charges
  • Clubhouse or development charges
  • Loan processing & legal fees

Always request a detailed cost breakup from the seller or builder.

🏦 5. Evaluate Loan Eligibility & EMI Commitment

If you plan to take a home loan:

  • Check your credit score (750+ is ideal)
  • Compare interest rates and prepayment charges
  • Calculate your EMI affordability using online tools

Pro tip: Get a home loan pre-approval to increase your negotiation power.

📏 6. Know the Difference Between Carpet, Built-Up, and Super Built-Up Area

  • Carpet Area: Usable area inside the walls
  • Built-up Area: Carpet area + walls & balcony
  • Super Built-up Area: Includes common areas like staircase, lobby, lift

Always base your price calculations on carpet area, not super built-up.

🏗️ 7. Inspect the Property (If Ready-to-Move)

If you’re buying a resale or ready-to-move-in property:

  • Check plumbing, electrical fittings, and wall quality
  • Ensure there are no pending society dues
  • Ask for the Occupancy Certificate (OC)

Note: No OC = illegal occupancy. Avoid such properties.

🔐 8. Look Into Security & Amenities

Modern buyers prioritize lifestyle. Consider:

  • 24/7 security, CCTV, gated entry
  • Power backup & water supply
  • Recreational areas (clubhouse, gym, park)
  • Maintenance support

These features add value and comfort to your property.

🔄 9. Check Resale Value and Future Appreciation

  • Is the area in a growth corridor?
  • Are property prices rising steadily?
  • Are there future development plans (e.g. metro, expressways)?

If you’re an investor, resale potential is as important as the present cost.

📜 10. Never Skip the Agreement to Sell

Before making the final payment:

  • Draft a Sale Agreement mentioning all terms
  • Include possession date, penalties, amenities promised, etc.
  • Register the Sale Deed at the sub-registrar’s office after full payment

This document is your legal safeguard in case of disputes.

✅ Final Thoughts

Buying a property is exciting—but it requires a disciplined, research-driven approach. Don’t be influenced by emotional decisions or aggressive marketing. Take your time, verify documents, inspect the site, compare prices, and consult experts if needed.

By doing your due diligence, you’re not just buying a property—you’re investing in peace of mind.

Need Help?
Looking for the right property or legal assistance? Contact our expert team to guide you through the process, from site visits to registration.

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What You Should Consider Before Purchasing a Property

Buying a property—whether it’s a home, a plot, or a commercial space—is one of the most important financial decisions in life. While it’s a great step toward building assets and securing your future, rushing into it without due diligence can lead to regrets or even legal issues.

Here’s a comprehensive checklist of what you should consider before purchasing a property:

🔍 1. Verify Legal Clearances

Ensure that the property is free from legal disputes and has the necessary approvals from the local development authority. Ask for:

  • Title deed and ownership history
  • Encumbrance certificate
  • RERA registration (if applicable)
  • Approved building plan
  • Completion and occupancy certificates (for constructed properties)

Why it matters: Legal complications can delay or cancel your plans and even result in financial loss.

📍 2. Check the Location and Connectivity

The value of your property largely depends on its location. Consider:

  • Proximity to schools, hospitals, and markets
  • Access to public transport or major roads
  • Development potential of the area
  • Noise and pollution levels

Why it matters: A well-located property offers better appreciation, livability, and resale value.

🧾 3. Understand the Total Cost

Don’t just focus on the property’s base price. Include:

  • Registration and stamp duty
  • GST (if applicable)
  • Maintenance and club charges
  • Loan processing fees
  • Brokerage or legal consultant fees

Why it matters: A clear budget helps avoid hidden surprises and ensures better financial planning.

🏦 4. Assess Financing Options

If you are taking a home loan, compare interest rates, EMI options, and loan tenure from different banks. Make sure:

  • Your credit score is healthy
  • The loan is pre-approved (if possible)
  • You understand the terms and conditions thoroughly

Why it matters: Getting the best loan deal reduces your long-term financial burden.

🏗️ 5. Investigate the Builder or Seller’s Reputation

For new projects, research the builder:

  • Previous projects delivered
  • Delivery timelines and construction quality
  • Online reviews and customer feedback

For resale properties, validate the seller’s identity and confirm there are no pending dues (electricity, water, society, etc.).

Why it matters: A credible seller or builder ensures a smooth and trustworthy experience.

📏 6. Evaluate Property Size and Layout

Ensure that the carpet area, built-up area, and super built-up area are clearly defined. For plots, check:

  • Plot dimensions
  • Road width and access
  • Zoning and land use permissions

Why it matters: Knowing what you’re actually getting avoids future disputes and gives clarity on space utilization.

🔐 7. Look for Security and Amenities

In gated societies or apartment complexes, assess:

  • 24/7 security
  • Parking facilities
  • Power backup
  • Recreational areas (park, gym, clubhouse, etc.)

Why it matters: Amenities improve quality of life and boost rental/resale value.

📝 8. Get Everything in Writing

Avoid verbal agreements. Always insist on:

  • A proper sale agreement
  • Payment schedule with installment details
  • Possession date and penalty clauses in case of delay

Why it matters: Written documents provide legal protection.

🚧 9. Visit the Property Personally

Before finalizing, visit the site more than once at different times of day to assess:

  • Traffic conditions
  • Natural light and ventilation
  • Nearby developments or risks (flood zones, industries, etc.)

Why it matters: Pictures can be misleading; physical visits reveal real conditions.

✅ 10. Future Growth and Resale Value

Evaluate long-term aspects:

  • Upcoming infrastructure projects nearby
  • Potential for property value appreciation
  • Demand in the rental market

Why it matters: Property is an investment. You should gain from it over time.

🏁 Final Words

Buying a property isn’t just a transaction—it’s a commitment. Being careful, informed, and thorough can save you from costly mistakes and ensure your investment is truly rewarding.

When in doubt, consult a real estate advisor or legal expert before making the final decision.

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Before investing, assess how much risk you are comfortable with.

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Hi, I am Rishi, Before investing, assess how much risk you are comfortable with. its past performance, volatility, and the types of assets it invests in. Finally, seek advice from a financial advisor. Do this if you are unsure about which scheme aligns best with your risk appetite and investment objectives.

Next, these steps will help you make a more informed decision and maximize your investment potential.

Understand the key terms of your investment, including fees and risks, and assess your income.

Are you comfortable making payments without any hesitation?

Know the various options available in the financial market. Does the investment offer a high return?

Remember to consider how inflation can affect the value of your investment. It helps you assess the growth and stability of your investment over time.

Understand the tax rates for profits from investments held for a long time and those held for a short time. Does it align with your financial goals and your comfort level with risk?

Can you withdraw money whenever you need it before the investment reaches its full term?

Consider the charges you have to bear in mind during the evaluation. So that your loved ones can take it if anything happens.

Know the management’s experiences to make an informed decision. Pay special attention to the fund’s historical performance. Also consider its future outlook.

Make sure that the scheme has been approved by the relevant financial regulatory authority. It is important to verify all details before making any decisions.

For further assistance in achieving your financial goals, consult with financial advisor Rishi Pal Sharma. WhatsApp or call +91-7278795000.

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People- should take advantage of the lump sum payment scheme to pay outstanding house tax and property tax

People- should take advantage of the lump sum payment scheme to pay outstanding house tax and property tax without interest or penalty from Deputy Commissioners
A discount from the penalty and interest will be given on paying the balance until December 31, 2023. 
Evaluation of the performance of municipal councils and municipal panchayats 
Deputy Commissioner Sakshi Sahni has invited the people who have property tax or house tax arrears in Municipal Councils and Nagar Panchayats of Patiala district to pay the arrears at one time by the Punjab government at the rate of 18 percent on the outstanding tax. They can avail of a lump sum settlement scheme for 100 percent waiver of interest and penalty at the rate of 20 percent. She is ADC here today to evaluate the performance of city councils and city panchayats in the district. Urban Development Navreet Kaur Sekhon and his group were meeting with the officers. 
The Deputy Commissioner said that the Punjab Government, under the leadership of Chief Minister Bhagwant Singh Mann, has given a huge financial facility to the urban taxpayers of Punjab State by issuing the Lump Sum Settlement Scheme. etc. can deposit the property tax or house tax due until December 31, 2023, without interest or penalty at the concerned Municipal Council office. 
Sakshi Sahni further informed us that from January 1, 2024, to March 31, 2024, interest and a penalty of 50 percent will be charged on the payment of property tax or house tax. After this, full interest and penalties will be charged on the payment of the property tax or house. Therefore, all the residents of Rajpura, Patdar, Samana, Nabha, Patdar, Sanur, Ghagga, Ghanore, and Bhadson have been requested to submit their property tax or house tax within the stipulated time to get the maximum benefit of the scheme given by the government.  
Meanwhile, ADC Navreet Kaur said that to get more information about this scheme, one can contact the phone numbers given at the Nagar Kausals and Nagar Panchayats under Patiala. 97804-07781 for Rajpura, 96460-43147 for Samana, 98551-90514 for Nabha, 75089-10086 for Patdar, 82849-61470 for Sanur, 77400-31431 for Ghagga, and 88377-96063 for Ghanour and Bhadson. Contacted at 98885-18242 can go On this occasion, the Executive Engineer, Sewerage Board, Yugal Kishore, and other officers were also present. 
**** 
Photo Caption: Deputy Commissioner Sakshi Sahni taking stock of property tax collection and other performance at Municipal Councils and Nagar Panchayats.

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How Kal CRM works for Real Estate?

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Customer Relationship Management (CRM) is a process for managing a company’s interactions with current and potential customers. It helps businesses manage customer data, interactions, and customer service. It can also help companies track the sales process, from lead to close. In the real estate industry, CRM can be used to manage agents’ interactions with clients, leads, and properties. It can also be used to store client data, track the sales process, and manage customer service.

Kal CRM systems offer real estate-specific features, such as the ability to track properties and leads, create custom fields for tracking contact information and property data, and manage customer service interactions. Real estate agents can use CRM to manage all of their interactions with clients, from lead capture to post-sale follow-up. They can also use it to store client data, track the sales process, and manage customer service. Many CRM systems offer real estate-specific features, such as the ability to track properties and leads, create custom fields for tracking contact information and property data, and manage customer service interactions.

If you are in the real estate industry, it’s important to find a CRM system that offers these features and caters to your needs.

Click here for more information