4 Essential Guidelines about Maintenance Charges of Residential Apartments

by Oswal Group Real Estate Developer in Kolkata

Buying a home is a well-thought-out decision that one takes in life. So a person needs to be wise and careful enough to scrutinize every aspect before purchasing a flat. Some buyers often miss specific critical financial details, including maintenance charges that come with signing the house papers. So if you are currently thinking of investing in a flat or apartment for the first time, check out the following guidelines about maintenance charges that appear like a future burden with the investment.

 

Check All Charges before you Book

 

Today maintenance charges are a must for all sorts of apartments. But the amount varies from one project to the other. So, every buyer should check how much maintenance charge he has to pay for the flat that he wants to book. This requires to be calculated much before you pay the booking amount to the Real Estate Developer in Kolkata. Thus, it is essential to know the actual sum of money to be paid for these charges as well as what comes under them. In this way, it will not come as a surprise to you when you come to live in the apartment.

 

Now keep in mind that this must be an independent transaction between the promoter and maintenance companies. Also, there must be a complete declaration from the promoter or developer of the project in written documents.

 

Calculate Maintenance Charges

 

Some apartment associations levy the costs according to the size of the flat. But other associations of Residential Projects in Kolkata make it equal and fix on other variable aspects. This is generally done when all the apartments come in the same size. Sometimes developers take maintenance charges of one or two years in advance at the time you are handed over a flat. Besides, if the amount of monthly maintenance charges in a housing society is Rs. 5000 or less, it becomes exempt from GST. On the other hand, GST becomes applicable when the total costs go above Rs. 20,000.

 

When to Pay

 

When you are handed over the papers of your house, you will be told to pay these charges. The amount of these charges in every society is different from the other. It depends on the location and amenities given by the promoter. Some promoters may even ask to pay costs for at least two while taking final possession of the property. However, before you pay, check the transparency of the charges and talk to other buyers in the same housing community.

 

Never Pay Before the Registry

 

Sometimes promoters can ask buyers to make payment of maintenance charges with the electric meter and other unaccountable charges even before the former gets hold of their house keys. So make sure what you are paying and keep transparency in the transaction. At the same time do not pay anything for the upkeep of the housing community until your flat is registered and you get a certificate of occupancy from the project developer.

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Created on Jun 29th 2018 05:54. Viewed 333 times.

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