Hi buddy,
As you must know, a condo or condominium is a property that is similar to a flat. Property buyers may go for a condo instead of a single-family house for various reasons. A condo can offer an affordable way to enter the real estate market. Moreover, a condominium can be a low-maintenance downsizing option for senior citizens. Condo owners pay a fee for covering some maintenance and other charges associated with the property, like sewer and garbage collection fees. Let me tell you more about the condo maintenance fee calculation:
What is Included In Condo Maintenance FeeA condo maintenance fee includes exterior building upkeep and maintenance. For instance, the association takes care of foundation repairs, exterior wall repairs, and roof repairs.
Condo maintenance fees can also include utility costs like water, gas, and electricity. Or utilities can also be charged individually based on separate meter readings. Garbage collection may also be included in the condo maintenance fee.
If there are shared amenities in the condo community, like a pool, parking area, tennis courts, or gym, then the flat maintenance fees are used for their maintenance.
How Much is Condo Maintenance Fee in India
| Type of maintenance charge | Applicability |
Expenses on the buildingโs maintenance and repair |
0.75% p.a. of the construction cost of each condo |
Non-occupancy charges |
For condos that are rented, calculated at 10% of service charges |
Sinking fund |
Minimum of 0.25% p.a. of the construction cost of each condo |
Expenses on repair and maintenance of elevators |
Equally divided among the condos |
Service charges (electricity, security, for common areas, etc.) |
Equally divided among the condos |
Parking charges |
By no. of parking slots of each occupant |
Water charges and Property tax |
Actual consumption or number of water inlets of each condo |
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Related Answers:
What are common area maintenance charges?
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Is GST applicable on maintenance charges collected by builders?
This is how condo maintenance fee calculation is done.
Authors Of The Question
What is included in condo maintenance fee?
Ratan
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July 22, 2022
2022-07-22T18:02:26+00:00 2022-07-22T18:45:17+00:00Comment
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