Monthly maintenance cost explained

When buying a flat, one of the periodic costs that a homeowner must pay is the monthly maintenance charges. These charges will help in the upkeep of the common areas and amenities in a gated society. The Monthly maintenance cost explained helps buyers to get an idea of how the costs are calculated and how much the price has to be paid every month.

What Are Maintenance Charges?

Maintenance charges are the monthly amount that is collected from all the owners of a flat to cover common expenses. It includes repairs, electricity for common areas, water supply, and security. It will also cover long-term funds like the repair fund.

How Are Maintenance Charges Calculated?

The calculation varies from one project to another, and the 3 common methods used are

• Equal Distribution Model

Here, each flat pays the same fixed charge, regardless of its size. This is common in small societies where costs are shared equally among the owners.

• Per Square Foot Model

Here, a fixed rate is charged per square foot of the apartment area. So, big flats will pay higher fees, as their house will occupy more space.

• Hybrid Model

A combination of both methods is used. Some costs are fixed, like security and housekeeping staff salaries. Other expenses, such as water and electricity, are charged based on usage.

What Do Maintenance Charges Cover?

Here is the list of charges that will be covered,

• Salaries for security guards.
• CCTV camera repairs.
• Regular cleaning of staircases, parking, and lobbies.
• Pest control services in common areas.
• Maintenance of lifts and generators.
• Electricity for common areas like lifts, parking areas, parks, and gardens.
• Water supply for common areas.
• Garbage disposal.
• Painting of common walls and fencing.
• Clubhouse and swimming pool cleaning.

RERA rules for society maintenance charges

The important RERA rules for maintenance charges are:

• Both the builder and the buyers should sign a maintenance charge contract, which states payment duration, frequency, and fees to avoid disputes.
• The charges collected should be used only for the upkeep of the common areas and not for any other features.
• The builder is accountable for paying all the charges until they hand over the property to the buyers.
• Builders can collect an advance fee for 1 to 2 years when signing the agreement.

If you are looking for a flat in a premium residential complex in Hyderabad, Prestige Golden Grove offers world-class living with transparent maintenance policies. The Maintenance Charges are ₹75 per sq. ft. per year, at the time of booking.  After possession, the charges are ₹5 to ₹6 per sq. ft. As the common areas are well maintained here, it not only improves daily living but also protects the property’s future worth and offers a high resale value.

Conclusion

Maintenance charges are essential to pay in every apartment, as they will help to maintain the common areas in good condition. It will help to provide a comfortable and secure area for residents. While these charges vary based on location and amenities, they have to be paid every month without fail on time for the smooth running of the community.