The Prestige Golden Grove's maintenance charges are currently estimated at ₹5 to ₹8 per sq. ft. Homeowners will pay a monthly charge to maintain shared spaces and services in the project. In addition, homeowners will pay monthly maintenance costs for the following project amenities:
By paying these fees each month, homeowners can enjoy a safe, clean and well maintained living environment.
The builder initially collects a one time advance maintenance charge of ₹70 per sq.ft for the first year to cover common services during the handover period.
After that, the Homeowners Association (HOA) takes over, managing monthly maintenance based on actual expenses.
Once the owners’ association is formed, the charges are expected to be in the range of ₹5 to ₹8 per sq.ft per month, making it affordable and fairly distributed among all property owners.
Major Factors to Know to Understand the Maintenance Charges
Maintenance fees collected are used for maintaining the common areas of the project and facilities shared among residents of the project, such as:
These charges also include essential services like
Electricity for shared areas,
For example, periodic building maintenance may cost around ₹3,500 annually, while waste collection and water supply can range between ₹200 and ₹500 per month, depending on the flat size.
The maintenance charges are collected by homeowners based on several major factors. In general, maintenance charges are based on the square footage and the number of residents in each apartment.
The Homeowner's Association (HOA) determines the rules and maintains the project. The HOA also maintains a reserve fund and an emergency repair fund to handle unexpected expenses like
This ensures that community living remains smooth without sudden financial stress.
The HOA's mission is to create an enjoyable and safe environment for homeowners. The Members of the Association will prepare the budget and set the dues, and will also be responsible for preserving and maintaining all community Common Areas and Amenities.
The Homeowners Association in an apartment community creates a planned annual budget to utilize the maintenance fees in a productive way.
It includes the expenses for
Homeowners will receive complete data on the breakdown of these charges.
Every year, the HOA reviews maintenance costs and adjusts them based on actual expenditure.
Residents receive prior notice about any changes and can share their feedback during community meetings before the new budget is finalized.
By paying regular maintenance charges, residents contribute to preserving property value and ensuring a high quality lifestyle at Prestige Golden Grove.
These fees help:
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