Maintenace,Sinking Fund and Club Membership Charges

Q: Hi,

I am getting new Flat possession with in 2-3 months which is already delayed one year by Builder. In Final payment they are asking following:

Maintenance charges (for 2 years) ,

Sinking fund (payable at the time of possession & finally handover to society)

and Club membership (Payable on completion)

My township has 10 towers and only 5 towers is launched and under construction. GYM, Swimming pool, sport complex like amenities are not started and as per them it will be grounded after complete township I believe 10 years later from now.

So what are the charges actually payable because these is not beneficial for me in couple of future years.

rahul, Indore

10th October 2015

Buying property in RAS Town, AB Road, Indore

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Replies (6)

Can anyone tell when builder is planning to give K block possession in RAS town Indore? they already crossed 3 year timeline..

Diwakar Sen, Indore

4th March 2016

Comment

What are the popular methods of calculating Maintenance Charges in Apartment Complexes?

Rahat Amin, Indore

30th October 2015

Comment

As per my thought Maintenance Fees based on apt SQ FT size is applied widely, mostly for one reason that every apt typically has only fewer large size apartment. Inevitably the association voting process became unfair.

Vaibhavi Jain, Indore

30th October 2015

As a resident of an apartment complex, you are required to pay a monthly charge for the upkeep and maintenance of your society. This maintenance charge is usually arrived at taking into account the monthly expenses plus an additional amount that the society can save for major repairs or maintenance that will arise at a later date.

V. Victor,

30th October 2015

Hello Rahat,
There are various methods to calculate maintenance charges in apartments are as follows:
A). Pay per Square Feet
B). Combined Maintenance Charges
C) Equal Maintenance Fee etc

david.m,

30th October 2015

Thanks for providing great information but I would be thankful if you tell me What should be the basis of Calculation for the Society Bill?

Prateek Mishra, Indore

12th October 2015

Comment

Hi, According to legislation, the Regular Society Charges on the following basics:
1. Expenses on Repairs and Maintenance of the Buildings.
2. Service Charges (Housekeeping, Security, Common Area Electricity, Equipments).
3. Expenses on Repairs and Maintenance of the Lift, including charges for running the Lift.
4. Sinking Fund
etc..

Anurag Dixit, Indore

12th October 2015

Hi All, Could anyone tell me what is sinking fund? What is the benefit of sinking fund?

Prateek Mishra, Indore

12th October 2015

Comment

Sinking fund is levied by the law of society and its consists of contribution from all Members, at the rate fixed at the General Body Meeting from time to time, subject to the minimum of of 0.25 percent per annum of the construction cost of each flat.

ajit pandey,

12th October 2015

Usually the minimum contribution of sinking fund is 0.25% depending on the area of the apartment. The amount can be increased as well as decreased if the general body deems fit so. Also note that the value of the land is not included in sinking fund, because at a later date only the constriction cost has to be borne by the society.

V. Victor,

12th October 2015

Comment

Thanks Victor for writing, In my case sinking fund is Rs 30000/- which is 1.4%. They also mentioned in the sale agreement paper about maintenance charges. Rs 30000/- for 2 years only and Club membership which is not started yet. So still I need to pay those amounts and most important when?

rahul, Indore

12th October 2015

Hi Rahul, I think this charge is mentioned in your sale agreement paper and I think you have to pay according to the payment plan. .Also, you can consult a reputed lawyer to know about the legal aspects of the order and what is mentioned in your property agreement.

Aditya Jogi, Indore

12th October 2015

Comment

Hello Aditya, Thanks for replying. My concern is, do I really need to pay this charges at the time of possession or at the time when they provide me those amenities?

rahul, Indore

12th October 2015

I think you must talk to the builder or respective officer there. You should pay when everything is setup and ready to use by you. I think the maintenance fee you must pay rest the two you should not i believe. Rest when you will have a discussion you will come to know. Cheers!

Aditya Jogi, Indore

30th October 2015

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