Business News Desk – Investing in property is a big step for every Indian. In such a situation, before buying any property, you do a thorough investigation. Real estate agents and builders can help you in this. But many times these people misuse their responsibilities. In such a situation, RERA helps you. While RERA helps investors, it also puts restrictions on builders and developers. However, despite this, many builders try to trap people and try to extort more money from the customers who buy their properties.
Let us tell you that for this they resort to many types of charges, in which PLC i.e. Prime Location Charge is very common. Whereas this is completely against the rules set by RERA. RERA has made it clear this time that the per square foot price quoted by the builder should include the full price of the property. Apart from this, builders cannot charge any extra charges from customers. Let us know what kind of additional charges the builders ask from you.
External and Internal Development Fees
Builders also take additional charges from investors in the form of these charges. External development fee is called EDC and internal development fee is called IDC. Before the implementation of strict RERA rules, builders used to charge these fees at the time of half-completion of the project or at the time of possession. They ask for additional money for infrastructure development in the area where the property is located. RERA should make some strict rules to stop these extra charges due to which builders add these extra charges to the price of the property.
fee for electrification
If you buy property under a good project, you will get many facilities. This includes footpaths, internal roads, additional lighting and wiring etc. The builder charges you for this also and most of the time the builder gives this information at the time of possession. The good thing is that you can avoid such charges and ask the builder to pay for it. However, there is a condition for this, under which it should be written in the builder buyer agreement that you will not pay the builder more than the price decided at the time of booking. Parking and Club Membership Charges
Often we see many types of facilities in the building, in which facilities like club membership or parking are available. Projects of private builders have two types of parking facilities, in which there is the option of open and covered parking. For this you may be charged Rs 1.5 to Rs 5 lakh. Builders also levy such charges in the name of club membership.
Late payment penalty clause
Most people use loan to buy property. In home loan, the loan amount is approved as per the construction link plan of the building under construction. That is, as the work progresses, the bank transfers the amount to the builder. In such a situation, sometimes there is delay in the bank, due to which the builder imposes late payment penalty on the customers. If this happens 4 or 5 times then the amount reaches lakhs.
