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A guide about maintenance charges for flats and it uses

By 07/12/2019Posts

Maintenance charge calculation

There is no special law governing the amount to be charged in the name of management. However, the charges range between Rs 2 to Rs 25 per square foot. In the state of Maharashtra alone, Mofa (Maharashtra Ownership Flats Act) has defined rules for calculating the maintenance charge. According to the MOFA, costs can be calculated by two methods, namely flat-wise and region-wise.

In a flat-wise calculation, all charges required for maintenance are split equally among all owners, regardless of the size of your apartment. In contrast, area-wise, the cost is charged based on the area of ​​each square foot owned by the member. However, regular expenses are shared among the owners at a fixed rate.

Although the terms of practice generally do not apply to the MOFA regulations, undesirable charges do not exert pressure on the occupiers.

What are the costs of sharing?

Typically, homeowners pay 0.75 percent of the apartment’s construction cost, which is calculated annually for the repair and maintenance of the building. In addition, many common costs have been added to the charge, which includes service charges for shared equipment such as housekeeping, security and motoring. Additional fees will be added for lift repairs, common parks, swimming pool, parking area and other additional amenities. Furthermore, there is a fixed amount for sinking funds, which is like a reservoir fund in case of any emergency. Typically, this amount is 0.25 percent of the cost of each flat for the entire year. If you rent your flat, an additional 10 percent service charge will be added to your maintenance fee. All of these costs are summarized to give you the cost of maintenance.

Things to remember

As a homeowner, it is essential to be aware of the charges that will be charged against you. RERA (Real Estate Regulatory Authority) has made it mandatory to enter into a management agreement between the builder and the owner. RERA functions to establish transparency in the purchase and sale of assets. This law allows the employer to be fully aware of the charges along with the division of total expenses. Make sure the document is thoroughly checked before signing the contract. If your flat is empty, you don’t have to pay for personal charges like water usage and electricity. However, you have to pay the usual expenses such as service and repair charges. Make sure you don’t pay extra. If you own two houses in the same apartment, then you will be charged twice the amount of maintenance for the two houses, but the calculation is the same.

The importance of maintenance fees

The real hope is for each resident to keep their surroundings intact. Also, if your apartment swimming pool is dirty and the walking track is rubbish, you will get angry. While it is your responsibility to keep your space neat, regularly cleaning and maintaining the exterior areas and equipment of your apartment is an integral part of everyday tasks. It can be difficult for you to get involved in your daily schedule, especially your busy schedule. In addition, repair and repair operations are looked after by the builder and association members. For this process to go smoothly, management charges are imposed on the owners. Therefore, it is essential to pay your maintenance charge regularly for the efficient performance of these activities.
It is essential that your builder keep you up to date on maintenance charges without taking advantage of your ignorance. Since maintenance fees are mandatory, understanding about it can help you measure and plan monthly expenses. Also, it is important to be aware of your maintenance charges, as this will improve your life. All you have to do is invest in a home and pay for maintenance, and take care of the rest! Head to Lancore to buy your dream home.

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