How do I calculate maintenance cost for an apartment?

How do I calculate maintenance cost for an apartment?

Per square feet method is the most used method for calculating maintenance charges for housing societies. According to this method, a fixed rate is charged per square feet of the area of an apartment. For instance, the rate per square feet maintenance charge for an apartment complex is Rs. 3.0 per sq feet per month.

How is monthly maintenance calculated?

Per sqft charge Per sq, ft method is extensively used for the calculation of the maintenance charges for the societies. On the basis of this method, a fixed rate is levied per sq ft of the area of the flat. If the rate is 3 per sq ft and you have a flat of 1000 sq ft then you will be charged INR 30000 per month.

Why maintenance is charged at per sq ft?

a. Per Square Feet Maintenance Charges: In societies that have a greater difference between the apartment sizes, this method is commonly used. It means, the charges would be divided into the square feet charges, and the owners can pay according to what their apartment size is. For example, if a society has fixed Rs.

What is the maintenance cost of apartments in Bangalore?

Depending on the size, facilities and area of the apartment you live in, maintenance charges, on average, fall between Rs 800 and Rs 15,000 per month. It could be less, or it could be more. But, this is the price band for maintenance charges in Bangalore currently.

How maintenance cost is calculated?

How are maintenance charges calculated? Your maintenance charges will depend on the total number of square feet in your apartment. For example, if the committee decides to levy Rs 2 per square feet and your apartment is 600 sq feet, you will pay Rs 1200. But if your apartment is 1200 square feet, you will pay Rs 2400.

What maintenance charges include?

Maintenance charges are the cost of living in an apartment which is apart from stamp duty and registration cost and these maintenance charges are calculated mainly based on the area of property and quality of maintenance.

How is building maintenance cost calculated?

The total cost for the month is divided by the overall area of the property which gives the per sq ft rate for maintenance for the month. This is multiplied by the unit area of each home to arrive at individual contribution towards the maintenance for the month.

What do maintenance fees include?

The monthly fees are used to pay for the common area of the building, landscaping, elevator service, custodial services, security, insurance, pool maintenance, recreational amenities, management, water, trash pickup service, and sometimes other utilities, etc.

What’s a monthly maintenance fee?

A monthly maintenance fee (sometimes called a monthly service fee) is money a bank charges you for working with the company. The fee is usually automatically withdrawn from your account each month. In some cases, you’ll pay the fee no matter what. But many banks let you waive the fee if you meet certain requirements.

What are the maintenance charges for an apartment complex?

Certain apartment complexes may house units of different sizes depending on the area as per sqft. As a result, these apartments levy their charges as per the area i.e. sqft basis. For e.g. ‘A’ owns an apartment of 1000 sqft and the maintenance charge has been set to Rs 3 per sqft per month for that particular apartment complex.

What are the maintenance charges in a housing society?

Usually housing societies levy maintenance charges as per the area of the flat or on other variables if the apartments are of same size. Also, a buyer should know the facilities provided under the charge. The maintenance charge varies between Rs 2-25 per sq ft.

How much does it cost to buy a 2BHK apartment in Mumbai?

If you want to buy a 2BHK apartment in Mumbai in the western suburbs, you need to shell out at least Rs 2.5 crores. Household cost: A household which includes a working couple and a child, will have expenses such as food, clothing, school fees, maid salary, maintenance charges and other lifestyle-related expenditure.

Should smaller flats pay maintenance charges at par with Big Flats?

Since smaller flats will have fewer people, claiming lower share in common amenities, asking residents of such flats to pay maintenance charges at par with owners of big flats, was unfair, it said. The bench, however, added that since the association was run by the members of the same apartment, the decision of the majority would prevail.