Having your own home is a dream come true. A home in a township is even better. All amenities —shops, schools, medical facilities and security — are made available within your easy reach. These apartments are beautifully made and all you have to do is decorate them according to your choice. Of course, all good things come with a price.
That said, there are a few things about maintenance fees in townships that you must know before you buy a home in one of them.
Till when the developers pay the maintenance fee
The developer pays for the overall security and maintenance of all common areas in the township till the township has been handed over to all apartment owners. After the project is handed over to the owners they are responsible to pay maintenance fees. Some of the ways by which the fees are collected by the society or association of the homeowners are:
Flat monthly maintenance fee
In this system, whether you have a 1 BHK, 2 BHK or 3 BHK flat, you would be paying an equal amount which has been calculated by the resident or owner associations. But usually this method is followed when the flats are of almost equal sizes.
Per sq. ft rate
When maintenance fee is calculated according to the per sq. ft rate, then the amount paid by each owner varies according to the sq. ft owned by them. The greater the amount of sq. ft owned, the higher the maintenance fee that has to be paid per month. This method is used to calculate in townships which have apartments or flats of varying sizes. The logic is that, if you bought a flat in a township in Siruseri, for example, based on sq ft, your maintenance too will be calculated according to the sq ft you own.
Partial flat rate
This system of calculating maintenance is dependent on a fixed amount for a fixed sq ft rate and anything over that will be additional charges that you will have to pay. For example, if you own 1000 sq ft, you will be asked to pay a fixed rate which is same for everyone in the township. But for an additional 100 sq ft, you would have to pay an extra 2%. Owners of 1100, 1200, 1500 sq ft will have to pay different monthly maintenance rates due to the additional sq ft.
This is a mixed system which is centralized and also is a common method of collecting maintenance. There is usually a sq ft charge that is comparatively low and the total expense is divided between the flat owners equally.
The maintenance fees include the expense for administration, repair, maintenance or replacement or repair of common facilities and areas, or as decided by common consensus by all homeowners.
If you’re looking for beautifully made apartments at Siruseri, off OMR and right next to the SIPCOT IT Park in Chennai, you can visit the Eden Park Township and who knows, you may just find your dream home!