The hidden cost of buying an apartment in 2025
DATE: 23:04:2025The real estate market in 2025 has seen renewed interest, with growing demand for quality housing in cities like Trivandrum. Whether one is seeking affordable flats or exploring luxury villas in Trivandrum, most buyers begin their search with a focus on price per square foot. However, the initial quoted price of a flat rarely reflects the full expense of ownership. Beyond the base cost, several hidden charges can significantly impact your total investment. Being aware of these costs is essential for budgeting and decision-making.
Floor Rise Premiums Can Inflate Final Pricing
Apartments located on higher floors are more expensive due to the floor rise premiums. These charges are common in high-rise buildings where upper-level flats provide better ventilation, scenic views, and reduced noise. This feature, while desirable, comes with a cost. Developers often apply a per-floor premium, meaning a 10th-floor unit can cost substantially more than a ground-floor one. This price difference, though justifiable for some, is often overlooked during the initial budgeting phase.
Legal and Documentation Expenses Add Up
While most buyers account for stamp duty and registration, legal fees are not always part of the conversation. Hiring a property lawyer is a common practice when buying flats in Trivandrum. Legal experts assist in due diligence, title verification, and documentation. Their fees depend on complexity, services required, and individual experience. These costs, though variable, are essential for a secure transaction and should be anticipated in your planning.
Interior Customisation and Furnishing Costs
Most apartments, including premium ones, are delivered as semi-finished or unfurnished units. Buyers then customise the interiors according to personal taste and lifestyle. This includes modular kitchens, wardrobes, ceiling works, lighting fixtures, and furnishings. These elements are often excluded from the builder’s package. Interior upgrades significantly influence the cost of moving in, especially in luxury villas in Trivandrum, where high-quality interiors are often expected.
Maintenance and Society Charges
Owning a flat within a gated community often comes with recurring expenses in the form of maintenance and society charges. These cover the upkeep of common areas, lifts, generators, landscaping, and security. In most cases, developers ask for an advance maintenance deposit during possession. Monthly or annual maintenance charges follow. These costs vary based on amenities and flat size. Without accounting for them, owners may face unanticipated financial burdens soon after moving in.
Parking Space Charges Are Separate
Parking is rarely complimentary in apartment complexes. Whether covered or open, parking facilities attract additional costs. Flats in Trivandrum with reserved parking, especially those near lifts or entrances, often have higher rates. These charges are typically separate from the flat’s cost and must be reviewed while considering your total expenditure.
Utility Connection Charges Can Be Unexpected
Shifting into a new home means setting up essential services like electricity, water, gas, and internet. Service providers may apply charges for installations such as meters, plumbing, wiring, and activation. In some cases, developers include these in the final pricing, but often, these are billed separately. Verifying these charges before finalising the deal helps avoid surprises.
Clubhouse and Amenity Memberships Are Not Always Optional
Modern apartments and gated villas in Trivandrum often come with access to clubhouses, fitness centres, pools, and other amenities. These lifestyle features add value but also bring membership or access fees. While some developers give buyers the choice to opt out, others include these costs compulsorily. Confirming the terms early can help you manage your financial expectations more effectively.
Goods and Services Tax (GST) Varies With Construction Status
GST applies to under-construction flats as they are treated as a service. The current GST is 1% for affordable housing and 5% for non-affordable housing. Flats that are ready-to-move-in, which have received their completion certificates, do not attract GST. This difference significantly affects pricing and should be a major consideration during purchase.
Stamp Duty and Registration Charges in Kerala
Stamp duty is a state-imposed tax and forms a significant part of property registration. As of 2024, in Kerala, stamp duty stands at 8%, and registration charges are 2%. This means a combined 10% on the property’s market or agreement value, whichever is higher. These rates may be revised, so buyers must stay updated with current norms. Understanding these charges helps consolidate your flat ownership cost more precisely.
Choosing the Right Builder Helps Avoid Surprises
One of the best ways to avoid hidden charges is by partnering with reputed builders in Trivandrum. Experienced developers offer transparent pricing and detailed breakdowns of all costs involved. This helps buyers plan better and avoid unexpected financial stress.
For buyers looking for well-crafted homes with clarity and value, Urbanscape Properties stands out. Known for delivering quality flats in Trivandrum, they ensure full disclosure of charges and guide customers throughout the purchase process. With a wide range of apartments in Trivandrum designed to meet modern lifestyles, Urbanscape Properties continues to be a trusted name for discerning homebuyers.
