How to Calculate Flat maintenance?

Service Charges or Maintenance Charges are basic maintenance charges that the cooperative housing society needs incurs towards procurement of various services, and are levied on per flat basis in the new residential projects in Mumbai Any individual owing more than one flat in an apartment would need to pay service charges accordingly. Since maintenance charges are applicable from the time a flat is occupied, its basic motive is to fund operations related to upkeep, maintenance, and upgrade of areas which are not directly under any individual's ownership.

The two popular methods used to calculate maintenance charges in residential projects in Mumbai:

Flat Wise: Flat wise service charge module calculates sum or total maintenance charge to be incurred by the society and divides equally among all flat owners irrespective of the size of the flat. This method brings a sense of fairness to each flat owner and society resident. This method is best adopted in housing societies where each flat is of the same size.

Area Wise: Under the Area Wise maintenance charge method, the total costs incurred by the society are charged according to the area in terms of per square feet owned by each member. The common areas are divided equally using a fixed rate while flats are calculated depending on the size of the apartment.

Buying flat for sale in thane or flats in borivali east comes with a slew of charges apart from stamp duty and registration fee. But homebuyers often miss out the significant facts about such expenses and end up paying miscellaneous amount, distressing themselves later.

The maintenance cover of all new projects in Kanjurmarg or new projects in Mulund includes:

Expenses on Building Repairs: Expenses on repairs are usually charged on a per square feet basis to all members. The calculation for building repair charges are formulated by the general body of each society, but is subjected to a minimum of 0.75% of the construction cost of the apartment.

Expenses on Lift Repairs: Lift repair expenses are charged per unit basis and used for lift repair and maintenance. The total expenses incurred for lift operations are divided by the total number of flats.

Sinking Fund or Corpus Find: Sinking fund, also known as corpus fund is the contribution by all flat owners for specific purpose like a fund for reconstruction of building in the future. The sinking fund is subject to a minimum of 0.25% of the construction cost of the flat per annum.

Parking Charges: Parking charges are levied on a per flat basis and the final amount is decided by the general body of the society.

Water Charges: Water charges are levied depending on either the number of water inlets in each apartment or depending on the reading of water meter installed for each dedicated apartment unit.

Insurance Charges: Any expenses incurred on insurance of building and equipment used in the common areas can be shared with the members of the residential and commercial property in accordance with the built up area of their respective apartments.

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