You must pay the Infrastructure and External Development Charges(EDC Charges) if you intend to buy a home in a residential project. These fees are required and may change depending on the size of the flat.
Visit the home page of NoBroker for buying and selling of properties Assist yourself with the expert legal assistance service from NoBroker What is external development charges?Developers are required to ensure the provision of a wide range of public amenities for a housing project to be suitable for buyers to live in. Among these are fundamental services like the provision of water and electricity, sewage and drainage systems, solid waste management, and disposal, as well as highways and road systems, landscaping, etc.
The builder must pay an amount known as the EDC to the local civic body in order to utilise these services. The EDC is a one-time fee that the developer must pay to the local government in order to be granted permission to carry out the aforementioned development activities. This EDC is then transferred to the homebuyers.
What is IDC?IDC is the charge that developers must pay to the local government in order to benefit from having significant infrastructure projects close to their housing development. These include roads, subway systems, bridges, etc.
After understanding the external development charges meaning, let us focus on how is EDC different from IDC.
How is EDC different from Infrastructure Development Charges (IDC)?Infrastructure Development Charges (IDC) are collected by the government in order to create significant infrastructure projects throughout the State, in contrast to EDC, which is assessed for the development of amenities throughout the entire area. Construction of roads, bridges, and the city's whole transportation network are among the socioeconomic growth projects that the money is used for. Additionally, depending on the project’s kind and location, EDC and IDC differ. For instance, the fees for high, medium, and low potential zones vary in Gurgaon and Haryana.
I’d like to conclude here about the EDC Charges. I hope this helps:)
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What are External Development Charges?
Karishma
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2023-01-18T07:28:41+00:00 2023-01-18T07:28:42+00:00Comment
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