Prestige Park Grove Maintenance charge

Prestige Park Grove Maintenance charge is the regular fee paid by property owners of the community. The fee is collected to cover the cost of maintaining common areas within the property.

Prestige Park Grove is a futuristic residential project over an area of 72 acres, and it has 1, 2 BHK, 3, and 4 BHK flats and 4 BHK villas. The Residence is the flat enclave in the project, which has over 19 big towers, and each tower here has 23 to 41 floors. The willows are the villa area in the project, with 4 BHK villas over a total area of 22.5 acres. There are 3627 flats in the project, and there are 88 villas in the project.

All big communities have a variety of amenities for their buyers to help them live serene lives. Property owners in these flats must pay maintenance fees in return for these features. The team will manage the electricity supply, parking space, water supply, and security in exchange for these fees.

The owners and tenants pay the maintenance fee either monthly or annually to repair the features in the community. The maintenance of common areas is necessary because it determines the lifetime of these flats. A maintenance charge is also in the builder-buyer contract, which requires payment. The RERA Act states that any person entering a builder-buyer contract must pay this on time.

What is included in the Prestige Park Grove Maintenance Fees

The Prestige Park Grove Maintenance charge includes 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 Park Grove

You can know how much to pay once you understand how the maintenance fees are calculated. Maintenance fees 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 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.

GST on Maintenance Charges

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.

Importance of Maintenance Charges

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 allottee 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. Maintenance fees are necessary, and each owner in Prestige Park Grove is responsible for paying them.