Prestige Somerville Maintenance Charge

Prestige Somerville is the sum paid by the buyers as residential property homeowners. It is charged for the upkeep or maintenance of the property. The homeowners of this residential area are bound to pay this amount for the preservation of the common area and facilities of the area.

Prestige Somerville Project Highlights

The Prestige Somerville is a township project on Old Airport Road, Bangalore. It is one of the popular projects of the Prestige Group. The project has 2 massive towers across 4.5 acres with 330+ apartments. The launch of this project is in Feb 2024, and the possession date is December 2028.

The Prestige Somerville Maintenance charge is Rs.65 per square foot, though it may be changed. After one year, the owner’s association may increase the price by Rs.4 per square foot (approximate value). The charge is decided based on various aspects, such as locality, facility quality, and covered area. The charge has been kept to a minimum compared to the market price.

What Is Included In The Maintenance Charge?

The following are the different elements of the property maintenance expenses in the Prestige Somerville residential complex:

• Services such as electricity, security and so on.
• For each particular property zone, lease rent is determined per square foot.
• Water charges are based on the usage by each apartment
• Residents must pay parking zone rent if they are utilizing it.
• All occupants must pay for lift repair and maintenance.
• Insurance fees for any commercial use.
• Sinking funds to pay for any emergency caused by unprecedented events.
• Fees for not living in the apartment
• · Other fees include group festival celebrations, election funds, non-agricultural tax, etc.

Calculation of the Prestige Somerville Maintenance Charge

Once you understand how the maintenance charge is calculated, you can know how much you should pay. The Prestige Somerville Maintenance Charge is based on the size of the unit. Buyers can pay the amount in monthly instalments or total amount. Here are the methods we used to determine the maintenance charge:

Per Square Feet: The per-square-foot technique is used to figure out the cost of upkeep for societies. Based on this, a set amount is charged per square foot of the flat. If the cost is 4 per square foot, and the apartment is 1000 square feet, the monthly payment is INR 40000. This calculation has the advantage of being simple and quick.

Equal Maintenance: When the sizes are the same and cannot be distinguished, this method is used. The total charges are collected monthly and divided by the number of units. This method is useful when the apartments are the same size.

The Hybrid Maintenance Charge: This last and final method is the Hybrid maintenance method. It is a mix of the previous two methods. All the residents pay the same amount for the shared facilities.

GST on Maintenance Charge

If the builder meets certain conditions, the residents must pay additional GST on the maintenance charges. Those conditions are:

1. If the total annual project turnover is above 20Lakhs INR.
If a society’s monthly amount exceeds Rs.7500 for a member, 18% GST must be paid.

Importance of Maintenance Charge

Prestige Somerville Maintenance Charges are payments that must be made on time. The maintenance staff will maintain telephone lines, security, power, and water supplies in exchange for the money. Most people ask if they are obligated to pay these expenses if they do not live in their flat, but the answer is yes.

These fees pay for a separate crew to handle building upkeep. Maintenance costs are essential, and each Prestige Somerville property owner is responsible for paying them.