Prestige Falcon City Luxe Maintenance Charges
Prestige Falcon City Luxe Maintenance charges have to be paid to upkeep the commonly-owned property areas. The buyers have to pay the advance maintenance charge of ₹75 per sq ft for 1 year while taking ownership. After one year of occupancy, the association will decide the monthly maintenance fees ranging from ₹5 to ₹6 per sq ft.
The advance Maintenance charges for 1 year before possession are received from the buyer as a whole amount, approximately ₹75,000.
“Maintenance charge” is a regular fee collected from owners to upkeep and maintain the common areas. It is used to cover costs charged for maintaining the amenities and services in the community. The owners or tenants have to contribute maintenance charges on a monthly basis.
Maintenance charges in prestige apartments include a particular amount per sq ft, raised to cover the expenses applied on water supply, electricity, security, repairs, parking space, gardening, and cleaning of common areas.
Prestige Falcon City Luxe is a luxurious residential township project in Konankunte, Kanakapura Main Road, South Bangalore. Spread over 41 acres with 75% of open space. This new launch gated community in Bangalore includes a total of 2520 luxury apartments. Prestige Falcon City Luxe price starts at 1.26 Cr.
Under the RERA Act 2016, which sets the rules for maintenance charges in apartments, the builder is responsible for maintaining all the expenses during the development. After the buyer officially takes over the ownership of the flats should take the responsibility of maintenance fees.
These maintenance charges rules are necessary because they determine the lifetime of these flats.
What is included in the Prestige Falcon City Luxe Maintenance Fees
The Prestige Falcon City Luxe in Bangalore maintenance charges include all the services as follows
- Service fees such as electricity and security.
- Water charges for the amount of water used by each flat member.
- For maintenance of amenities in the project to make it clean.
- Sinking Fund for any emergency caused by an unexpected event.
- For lift repairs and maintenance.
Calculation of Maintenance Charges in Prestige Falcon City Luxe
You can know how much to pay once you understand how the maintenance fees are calculated. Apartment maintenance charges in Bangalore are based on the unit size in a community. It is collected in monthly installments or as a full amount.
Some commonly used methods for calculating the maintenance fees for societies are
- Per Square Feet Method
This method is used by societies with units of varying sizes. Here, the fee is calculated based on the square feet size of the unit.
- Equal Maintenance Charges
This is used when all of the units in the society are the same size. The majority of societies collect these charges each month.
- Hybrid Maintenance Charges
These include the Per Square Foot and Equal Maintenance methods. People must pay the same amount for features like lifts, swimming pools, etc. Also, the people must pay charges based on their size for water usage and other common expenses.
Buyers are unaware of maintenance costs, including GST charges. It is essential to understand the minimum maintenance costs for which GST will be charged and the price range for which GST charges must be paid. Big communities must meet the following conditions to impose GST on maintenance fees.
- If a community’s monthly contribution to the Welfare Association exceeds Rs.7500 per member, 18% GST should be paid.
- If the turnover from annual maintenance costs is more than Rs.20 lakhs, GST will be there.
Flat maintenance charges are stated in the agreement as one of the compulsory payments that must be made on time. By paying these charges, you will not have to handle anything alone. A separate team will take care of the maintenance of the building.
Any allotted member who goes into a builder-buyer contract is obligated by Section 6 of the RERA Act to make the charges on schedule. The value of the property will increase by the initial maintenance cost of the apartment. Maintenance fees are necessary, and each owner in Prestige Falcon City Luxe is responsible for paying them.
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