Prestige Finsbury Park Maintenance Charges

Maintenance charges in a housing society are fees residents pay for upkeep. They cover common area maintenance like parks and pools. The funds are managed by the society's committee or association. The charges help with cleaning, repairs, and security of the society.

Prestige Finsbury Park maintenance charges are fees to be given by the residents to maintain the society. These charges are divided into different parts like water charges, park maintenance charges and others. As per RERA Act, the buyers must pay this fee promptly when signing a contract with a builder.

Highlights of Prestige Finsbury Park

Prestige Finsbury Park is a premium residential project on Bagalur Road, Bangalore. The township was inaugurated in 2019 and was completed in 2023. It offers top amenities and features in the project. To maintain these amenities, a certain maintenance charge has to be paid by the residents.

The breakdown of maintenance charges is done in these ways:

1. Managing of property - Maintenance charge is taken for managing the roads, security and outer infrastructure in the township. These charges are given to the workers who repair the property.
2. Maintaining shared areas - Shared areas are common areas that are used by every resident. To maintain these areas, a particular maintenance fee has to be paid. The common or shared areas are the lobby, parks, swimming pool, etc.
3. Collection of fees by HOA - HOA or homeowners' association collects charges from residents for maintaining the society. The association makes a budget for the maintenance. The members collect a certain amount on a fixed date. These members make sure that all the common areas are well maintained.
4. Factors for allocation of charges - Individuals or property owners contribute to maintenance expenses based on certain factors. These factors are the size of the property, the number of occupants, or regulations established by the homeowners' association.

5. Setting a budget - The Homeowners’ Association prepares a budget to ensure the township runs smoothly. The budget explains how the money from residents will be used. It's discussed in a meeting where expenses are listed one by one. These meetings inform all residents about the expenditure of funds.
6. Payment time - A set payment time or date is set by the association. Residents have to pay this amount on the fixed date.
7. Transparency - HOAs have to be transparent while taking payment. This usage of fees has to be shown by the association clearly and discussed in the meeting. Meetings take place every month to solve the issues of the residents and discuss about the maintenance charges.

Prestige Finsbury Park maintenance charge is a mandatory fee, and every resident has the right to know about the usage of the fees. The charges include GST as well. An advance maintenance charge has to be paid by the buyers at the time of the sale agreement. The advance maintenance cost will be 60 Rs. Car parking and generator charges are included as well.

Maintenance charges are important as they keep the society up to date. These charges help in maintaining the common areas used by the residents.