If you are looking to buy a flat in Kolkata, one of the biggest questions on your mind is probably “How much money will I need?” Buying a home is a huge investment, so it’s important to understand all the costs involved upfront.
We will break down all the expenses you need to account for when purchasing a flat in Kolkata. We’ll look at flat prices based on area and apartment size, registration costs, stamp duty, and other fees, as well as some tips to budget for your new home. Let’s get started!
Average Flat Prices in Kolkata
The first big expense is, of course, the flat itself. Flat prices in Kolkata can vary a lot depending on the area and size of the apartment. Here is a rough guide to average prices per square foot in some of the major areas:
Central Kolkata (Areas like Park Street, Rawdon Street, Chowringhee):
- 2 BHK (700-1000 sq ft): Rs 8,000 – Rs 12,000 per sq ft
- 3 BHK (1200-1800 sq ft): Rs 10,000 – Rs 16,000 per sq ft
South Kolkata (Areas like Ballygunge, Alipore, Behala):
- 2 BHK: Rs 6,000 – Rs 9,000 per sq ft
- 3 BHK: Rs 8,000 – Rs 12,000 per sq ft
East Kolkata (Areas like Salt Lake, Rajarhat, New Town):
- 2 BHK: Rs 5,000 – Rs 7,500 per sq ft
- 3 BHK: Rs 6,500 – Rs 10,000 per sq ft
North Kolkata (Areas like Dum Dum, Bagh Bazaar, Shyambazar):
- 2 BHK: Rs 4,000 – Rs 6,500 per sq ft
- 3 BHK: Rs 5,000 – Rs 8,000 per sq ft
So for example, if you want to buy a 1000 square foot 2BHK flat in South Kolkata, the flat itself may cost anywhere between Rs 60 lakhs to Rs 90 lakhs on average.
These are just rough estimates though. Prices can go higher or lower depending on the exact location, builder, amenities, and other factors. Newer luxury flats in prime areas can cost Rs 15,000+ per square foot.
Additional Costs When Buying a Flat
Apart from the flat’s base price, there are several other costs you need to budget for:
Registration and Stamp Duty When you buy a flat, you have to pay a registration charge and stamp duty to transfer the property to your name. These fees are calculated as a percentage of the flat’s price.
The registration fee in Kolkata is:
- For flats up to Rs 1 crore: 1% of cost
- For flats above Rs 1 crore: 1.5% of cost
Stamp duty in Kolkata is calculated at:
- 7% of cost for flats under Rs 40 lakhs
- 8% of cost for flats between Rs 40-1 crore
- 8.5% of cost for flats above Rs 1 crore
So if you buy a Rs 60 lakh flat, you will pay around Rs 60,000 as registration fee (1%) and another Rs 4.8 lakhs as stamp duty (8%).
GST on Under-Construction Flats There is 12% GST applicable if you buy an under-construction flat from a developer in Kolkata. This GST is payable on the base price and other charges like preferential location charges.
For example, on a Rs 60 lakh under-construction flat, you may need to pay an additional Rs 7.2 lakhs as GST.
Parking Charges Most builders charge extra for allocating a parking space. Open parking may cost Rs 2-4 lakhs while covered parking can be Rs 5 lakhs or more.
Maintenance Charges There are monthly maintenance charges you need to pay to the housing society for common area maintenance, security, etc. These can range from Rs 2 to Rs 5 per square foot depending on the amenities.
So for a 1000 sq ft flat, the maintenance can be Rs 2,000 to Rs 5,000 per month.
You also need to make a one-time refundable interest-free maintenance deposit, which is usually 6-12 months of maintenance charges.
Club Membership Many societies have their own sports/recreation clubs and charge a one-time refundable club membership fee ranging from Rs 50,000 to a few lakhs.
Legal Fees You will need to hire a lawyer to go through the flat documents and draft the sale deed. Legal fees can range from Rs 10,000 to Rs 50,000 approximately.
Home Loan Costs If you are taking a home loan, factor in the processing fees (around 0.5% of the loan amount) and pre-EMI interest during construction.
So in total, apart from the base price, you need to budget around 15-20% extra for all the additional charges.
For a Rs 60 lakh flat:
- Registration: Rs 60,000
- Stamp Duty: Rs 4.8 lakhs
- GST (if under-construction): Rs 7.2 lakhs
- Parking: Rs 2 lakhs (open) to Rs 5 lakhs (covered)
- Maintenance Deposit: Rs 12,000 to Rs 60,000
- Club: Rs 50,000 to Rs 2 lakhs
- Legal: Rs 10,000 to Rs 50,000
- Home Loan Processing: Around Rs 30,000 for a Rs 60 lakh loan
So the all-in cost can range from around Rs 70 lakhs to Rs 85 lakhs for this Rs 60 lakh flat.
Tips to Budget for Your New Flat
Here are some additional tips that can help you budget properly for your new flat purchase:
- Have a reality check on flat prices in your preferred area by checking listings on property sites and consulting with local brokers. Don’t just go by asking prices quoted by builders.
- Make sure you factor in all the extra costs like registration, stamp duty, etc. as mentioned above and not just the base price.
- For under-construction flats, keep a buffer of around 15-20% for construction delays, price escalations, etc. Builders usually reserve the right to increase prices before possession.
- If taking a home loan, calculate your EMIs at a higher interest rate of say 9-10% rather than just the current rates. This will help you stay prepared if rates rise over your loan tenure.
- Check if the housing society has any plans for major repairs or renovations coming up which may require additional contributions from members.
- Find out the average monthly maintenance bill for the society from existing residents to budget better.
- Negotiate hard on parking, club membership, etc. Some builders may be willing to waive these charges.
8 ) For resale flats, check the outstanding maintenance dues, property tax, and utility bills with the society before finalizing.
Buying a flat is a huge financial decision with lots of variables. Doing your research upfront, speaking to experts, and having a realistic assessment of all costs can help you budget better for your dream home purchase in Kolkata!
