It is quite common nowadays for the builders and developers to tell you the basic price per unit area of the property inclusive of some of the allied charges while some others are charged separately. These are quite common terminologies of charges irrespective of the location where these are apartments or flats are coming up. […]
It is quite common nowadays for the builders and developers to tell you the basic price per unit area of the property inclusive of some of the allied charges while some others are charged separately. These are quite common terminologies of charges irrespective of the location where these are apartments or flats are coming up. So, you will come across the same names either at BPTP Princess Park Faridabad or at other parts of the country. Let us understand the meaning of each of these charges:
1.EDC and IDC: EDC refers to the external development charge and IDC refers to the infrastructure development charges. EDC is levied by the builders on the buyers of flats for the purpose of developing the area or space outside the flat but within the precincts of the project. This would include the inside roads, lights, lawns and other such spaces which are of use for all. IDC, on the other hand, is levied by the government on the builder for developing the infrastructure such as roads, street lights, pavements and other such public works. The builder passes on these charges to the flat buyers as IDC charges.
2.IFMS: IFMS refers to interest free maintenance security and this is levied by the builder on the possessor of the flat because till 2 years after possession of the flat, the possessors do not pay the monthly maintenance charges because the management committee of the society has to be formed. So, during these two years, it is the responsibility of the builder to maintain the society.
3.EEC and FFC: EEC is external electrification charge and FFC is fire fighting charge and these are levied for the obvious reasons. EEC and FFC are normally mentioned in the agreement.
4.PLC: Preferential location charges, also called PLC, are the charges which a person has to pay for getting any special facing of the flat or at the ground floor of the block. So, if you want a park side or a pool facing flat, you might be asked to pay a higher sum. Some builders develop their societies in such a way that every flat is either facing some special feature which makes them charge a PLC from the buyer.
5.Car Parking: The builders would even charge extra sums for a dedicated parking slot for one of your cars. With growing number of cars per household, it is important to have the space for parking the vehicle and the builders charge extra sums for this facility.
6.Club Membership: Since the society members would be interacting with one another and there would be common spaces for them to share, there could be provision of charges for exclusive club memberships. These charges are applicable only if you choose to be a member of the club.
7.Power back-up installation: Charges for power installation are quite common for societies including the BPTP Princess Park since power outages in Indian cities are quite common.