Per sqft charge
Per sq, ft method is extensively used for the calculation of the maintenance charges for the societies. On the basis of this method, a fixed rate is levied per sq ft of the area of the flat. If the rate is 3 per sq ft and you have a flat of 1000 sq ft then you will be charged INR 30000 per month.
What is society maintenance?
This is known as the society maintenance charge. These fees may be set by the general body, but they must be at least 0.75 percent of the cost of the flat/shop every year . For a 1000 sq ft apartment, the annual charge will be Rs.
How is maintenance charge calculated for apartments in Chennai?
Generally, the amount is about 0.25 percent of the construction cost of each flat per annum . In case you have rented your flat, an additional 10 percent of the service charge will be added to your maintenance fee. All of these expenses are summed up, to give the cost that you will have to pay as maintenance charge.
What happens if maintenance is not paid?
In case the amount is not paid, orders of arrest and imprisonment may be passed against the respondent on that date . It noted that the man has been directed by the trial court and the decision upheld by the top court and the high court to pay money to his wife under two heads which include monthly maintenance of Rs.
What’s a monthly maintenance fee?
A monthly maintenance fee is a fee charged by a financial institution to a customer if certain requirements aren’t met . For example, some banks may charge a monthly maintenance fee if your account balance is under a certain threshold.
Why should I pay maintenance?
Child maintenance is money to help pay for your child’s living costs . It’s paid by the parent who doesn’t usually live with the child to the person who has most day-to-day care of the child. It’s also called ‘child support’. A child means someone who’s under 16, or under 20 if they’re in approved education or training.
What all is included in society maintenance?
“Maintenance charges primarily includes charges towards upkeep and maintenance of common areas and facilities, security services including CCTV, etc . Common facilities include elevators, club house and generators.
How do I calculate maintenance cost for an apartment?
Per square feet method is the most used method for calculating maintenance charges for housing societies. According to this method, a fixed rate is charged per square feet of the area of an apartment. For instance, the rate per square feet maintenance charge for an apartment complex is Rs. 3.0 per sq feet per month.
What do maintenance charges cover?
Each year, you pay us a service charge. This money goes towards the day-to-day running costs of your development and is used to cover items such as buildings insurance, maintenance, repairs, gardening and communal facilities, as well as for any staff that might work at the development .
How is maintenance calculated Mumbai?
basis for members. Calculations are made by the associations but should be 0.75% of construction costs of apartment units . These charges will cover expenses for maintenance and repairing of lifts as well.
Can society charge interest on maintenance?
Interest can be charged upto a max of 21% per annum on outstanding amount, provided the society has intimated the due date and the penalty interest rate to be applied in its maintenance bill. 2. Outstanding amount and interest applied should be shown separately in the maintenance bill. 3.
What is monthly maintenance for flats?
In India, real estate developers charge anywhere between Rs 2 to Rs 25 per square foot (psf) as maintenance charge.
How do you calculate monthly maintenance costs?
Another great way to budget for home maintenance is to put away 10 percent of your main monthly expenses every month . That’s 10 percent of your mortgage, 10 percent of your property taxes and 10 percent of your insurance costs placed into a savings account every month.
How is building maintenance cost calculated?
The total cost for the month is divided by the overall area of the property which gives the per sq ft rate for maintenance for the month . This is multiplied by the unit area of each home to arrive at individual contribution towards the maintenance for the month.
Can working wife get maintenance?
With the passage of time, the ‘home maker’ status of women in India has undergone considerable changes. A woman is no more tagged as just a housewife. Infact, she has successfully established herself as a working woman.
Can you go to jail for not paying maintenance?
If maintenance isn’t paid, the court can take the money from the maintenance payer’s salary, their investment account, auction their property or issue a warrant of arrest .
Is it compulsory to pay maintenance to wife?
The Court said 25% is a “just and proper” amount for alimony as husband might have to take care of the needs of his family, if he has remarried. The section 125 states the wife asking for maintenance can be of any age—minor or major. It is mandatory for her to be a legally married woman .
How do I avoid monthly maintenance fees?
- Keep enough money in the account. ...
- Accept monthly direct deposits. ...
- Have other products or accounts from the same bank. ...
- Are of a certain age or attend school.
How much money should you always have in your checking account?
How much money do experts recommend keeping in your checking account? It’s a good idea to keep one to two months’ worth of living expenses plus a 30% buffer in your checking account.
What Are Timeshare Maintenance Fees? For the timeshare owner, these annual fees are collected by the timeshare management company yearly (or possibly monthly) for the stated purpose of covering the normal costs of maintaining their timeshare property.
How long do I pay child maintenance for?
You’re normally expected to pay child maintenance until your child is 16, or until they’re 20 if they’re in school or college full-time studying for: A-levels . Highers, or . equivalent .
Do I still pay child maintenance if my ex remarries?
The answer is no. When parents divorce, the absent parent (“paying parent”) is obliged by law to pay child maintenance to the parent caring for the child (“receiving parent”) .
What is covered in child maintenance?
Child maintenance covers the cost of the everyday care of the child, such as food, clothes, and housing . Expenses such as school fees do not fall under child maintenance – parents who are getting a divorce can make a “Family Based Arrangement” to deal with costs like this.
What is the average service charge for a flat?
The estimated average service charge bill in London is about £1,800 to £2,000 a year , according to the website of the HomeOwners Alliance, which says: “Anything over £5,000 is expensive, and you should definitely be asking questions.”
How do you calculate interest on society maintenance charges?
For example if Rs 500 is outstanding as maintenance dues the total payable amount after 5 years is Rs 500 + Rs 500 *21%* 5 years = Rs 500 (principal) + Rs 525 (simple interest for 5 yrs at 21%) = total Rs 1025 . Or interest on interest will be levied every year.
