The amenities and ambience of townships and high-rises come with a
monthly maintenance bill to match
Buying a home is tough enough, and given the high outgoing charges that come attached to
modern residential colonies, living in one can take quite a toll on your pocket. Before you zero in
on a flat, it is important to find out the maintenance charges, because many developers charges
as much as Rs.7/- per square foot – and bigger flats have higher monthly outgoing costs. This
additional expenses can add up to prohibitive situation if you have a fat home loan to service,
with the twin blows of the EMI and the societies outgoing making life difficult.
Before you zero in on a flat, find out the maintenance charges. Some developer change as
much as Rs. 7 per square foot, and bigger flats have higher outgoings.
Given that some developers charge the maintenance fee on a quarterly or annual basis, the
dues add up to a sizeable amount. Rishabh Siroya, Partner, Siroya Group says, “Monthly
maintenance could be subject to a number of factors, from the locality you live in to the
amenities, packing spaces and lifts your building provides. Depending on the number of facilities
that required daily unkeep, monthly maintenance amount is calculated and divided among all
the members of the society on pro-rata basic to the area of their flat.”
While for under- construction buildings, developers usually quote an approximate rate-
per-square-foot for outgoings, the actual rate is only determined once the society is functional.
“Buildings located in Bandra may have higher outgoings than similar plots in Borivali because
their yearly property tax amounts will be higher .”says Siroya.