- Indian real estate prices have surged, with apartments advertised starting at Rs 2.8 crore
- Viral video by Vijay Mirani exposed hidden fees inflating final flat costs by lakhs
- Actual costs include floor rise, parking, GST, stamp duty, and other charges raising prices
Indian real estate prices have skyrocketed in recent years, with basic apartments selling for crores while marketing agencies use deceptive tactics. A viral Instagram video by Vijay Mirani, titled "Hoarding Price vs Real Price," exposed how advertised hoarding prices hide massive hidden fees. These extra charges inflate final costs by several lakhs, putting additional strain on the budget of buyers.
In the clip, Mirani points towards a roadside advertisement hoarding that shows the price for 2 and 3 BHK flats starting from Rs 2.8 crore.
"You see this hoarding of Rs 2.8 crores plus plus plus? Real estate is the only place where you actually put Rs 2.8 crores, it doesn't mean 2.8 crores, it can be much more," Mirani can be heard saying in the video.
'Most people think that's the final price. Until they sit for the actual cost sheet. Floor rise. Parking. GST. Stamp duty. Registration. And suddenly the budget starts stretching.'
After reviewing the listed price, Mirani approached the builder to verify the actual cost of the flat, which revealed the true figure.
"So I went in as a buyer, and I have got the cost sheet in front of me. The prices change from Rs 2.8 crore to actually Rs 3.12 crore, which is close to 15 per cent more than what the hoarding showed," said Mirani.
Mirani highlighted a long list of hidden fees that drove up the flat's final cost, including charges for legal processing, development, registration, scanning, and parking. Additionally, buyers faced society maintenance fees, stamp duty, and several other unexpected expenses
"There are multiple charges, so the final price of this flat goes to about Rs 3.25 crore," Mirani added.
Check The Viral Post Here:
Social Media Reactions
As the post gained traction, social media users pointed out that this is a standard practice, with a portion of the funds typically allocated as bribes.
"These brochures are always misleading; the final house we receive is a bare shell. Legal charges is code for bribe. ALWAYS," said one user, while another added: "I wonder who buys such extra expensive flats in crores. It takes a lifetime earning to get 2-3 crores, and here they're selling flats at 3 crore as if it's quite normal."
A third commented: "Buying an apartment feels like one of the strangest concepts sometimes. Your floor is someone else's ceiling, and your ceiling is someone else's floor. You don't truly own the land, and you don't fully own the building."
A fourth said: "I used to work (marketing) at two largest real estate developers in Mumbai. Every week, our marketing head told us to increase the price by 5-7 lacs and before any festival 25-35 lacs. I clearly remember one almost-ready-to-move project at Mulund was selling at 1.51Cr (2BHK). Before Gudi Padwa, the price increased to Rs 1.79 crore."
