Everything you need to know about maintenance cost
Owning a property is a dream for every individual and so is the need to reside in a well-maintained society.
Here is everything you need to know about maintenance cost.
Maintenance cost and its relevance
In addition to owning an apartment, a maintenance cost is charged to the owners to cover the expenses required for the constant upkeep of the property, buildings, common areas and the amenities.
The maintenance cost can vary from Rs. 3 to Rs. 5 per sq. ft. charged on the total carpet area per month for mid-segment homes and can go more than Rs. 25 for a luxury property.
Eg: If the per sq. ft. rate is Rs. 4 and carpet area is 820 sq. ft., then the maintenance would be Rs. 3,280 per month i.e. Rs. 78,720 for 24 months.
The cost which needs to be collected at the time of possession is always mentioned in the cost sheet and the agreement.
What all does maintenance cost include?
Maintenance cost can vary from services and amenities provided within a society. They generally include:
- Building’s physical exterior
- Maintenance of common areas
- Electricity for common areas
- Common amenities (Club house, swimming pool, gym, etc)
- Sewage treatment plant
- Service & security charges
Types of maintenance costs and its applicability
*Below mentioned figures are for Oxford 1Earth residential projects Florida Riverwalk & Florida Watercolor located in Keshav Nagar, Mundhwa
Regulation of maintenance charges under RERA
The Real Estate Regulation and Development Act, 2016 (RERA) mandates, that the developer will be responsible for providing and maintaining the essential services, on reasonable charges, till the taking over of the maintenance of the project by the RWA (resident welfare association).
RERA also states that every allottee, who has entered into an agreement for sale, to take an apartment, plot or building as the case may be, shall be responsible to make necessary payments in the manner and within the time as specified in the said agreement for sale and shall pay at the proper time and place, the share of the registration charges, municipal taxes, water and electricity charges, maintenance charges, ground rent and other charges, if any.
GST on maintenance cost
GST on maintenance (as applicable) has to be paid by the owner along with the maintenance charges at the time of possession to the builder.
And apartment owners have to pay GST at the rate of 18%, if their monthly maintenance charges exceed Rs. 7,500.
When do you have to pay?
- Before the society is formed – The developer takes 2 years maintenance from the owners at the time of possession and maintains the property. After the completion of this period, while handing over to the society, builders have to show all expenses incurred and if at all there is any balance funds remaining, they are handed over to the RWA.
- After the society is formed – After handover to the RWA, they decides the maintenance and frequency for collection of the same.
The charges are not the same in every society and can vary between Rs. 3 per sq. ft. to Rs. 25 or more per sq. ft. based on the type of property.
The builders may ask for 12 months, or 24 months, of maintenance charges in advance at the time of possession. Once handed over to the RWA, the frequency of collecting the maintenance charges is decided by it.
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