Prestige Kings County Maintenance Charge

Maintenance charges are fixed charges that people living in any enclave must pay monthly. The charges are used for the maintenance of the project's common spaces.

Prestige Kings County Maintenance charge is the regular fee paid by the plot owners of the project. The fee is collected to cover maintaining common areas within the property.

Prestige Kings County is a futuristic plotted development over an area of 80 acres, and it has plots of various sizes. The project is in its prelaunch phase and will be launched in 2023. The project has various modern features for buyers to help them live tranquil lives.

The Property owners of the plots must pay maintenance charges in return for these features. Maintaining common areas is essential because it determines the lifetime of these modern features. A maintenance charge is in the builder-buyer contract, and it requires payment.

They will get electricity, water, and security in exchange for these fees. The owners and tenants pay maintenance fees annually or monthly to repair the amenities in the project. The RERA Act states that any person entering a builder-buyer contract should pay the fee on time.

What is included in the Prestige Kings County Maintenance charge

The Prestige Kings County Maintenance charge includes all the services as follows

• Sinking Fund for emergency caused by an unpredicted event
• For maintenance of gardens and all areas.
• Service fees such as common electricity bills and security fees
• For maintenance of amenities and to clean and maintain it

Calculation of Maintenance Charges in Prestige Kings County

Every community member should pay the maintenance charge and know how the maintenance fees are calculated. It is based on a community's unit size and is collected in installments or as a full amount.

Some methods for calculating the maintenance fees for communities are

• Equal Maintenance Charges - It is used when all of the units in the community are the same size. The majority of societies collect the charges each month.
• Per Square Feet Method - It is used by societies with units of varying sizes. The fee is calculated on the square feet of the plot.
• Hybrid Maintenance Charges include the Per Square Foot and Equal Maintenance methods. People must pay the same amount for all features like lifts, swimming pools, etc. Also, they must pay charges for other common expenses.

GST on Maintenance Charges

Along with maintenance costs, there will be GST charges. It is vital to understand the maintenance costs for which GST will be charged and the price for which GST charges must be paid. Big projects must meet the conditions to impose GST on maintenance fees.

• If a community’s monthly contribution exceeds Rs.7500 per member, 18% GST should be paid.
• GST must be paid if the turnover from annual maintenance is more than Rs.20 lakhs.

Importance of Maintenance Charges in Prestige Kings County

Maintenance Charges are stated in the agreement as one of the necessary payments that must be made on time. By paying the charges, you won’t need to handle anything alone. A separate team will be there to take care of the building maintenance. The value of the plots here will increase by the initial maintenance cost. Maintenance charges are necessary, and each owner in Prestige Kings County is responsible for paying them.