Shriram Serenity Maintenance Charges
Shriram Serenity maintenance charges are fees that residents pay to maintain the society's common areas, such as the swimming pool, lobby, and parks. Every resident is mandatorily responsible for these charges.
Shriram Serenity, developed by Shriram Properties, is a premium residential apartment project in Yelahanaka, North Bangalore. Spread over 3.83 acres, the project offers 270 apartments in 2 and 3 BHK dimensions. It will be completed in July 2029. It is surrounded by greenery, and more than 80 percent of the area is allotted for open spaces.
The project offers world-class amenities for every age group. Maintenance charges are taken to maintain these amenities and provide an up-to-date society. The builder takes these charges in advance at the time of purchasing the apartment. After the possession, the HOA decides and takes the maintenance amount. The RERA Act compulsorily sets these charges.
The charges are taken for many things. Some of the important details of the Shriram Serenity maintenance charges are:
- Upkeep of the property : It is taken for managing the roads, paying security, and outer infrastructure in the project. These fees are given to the workers who maintain and repair the property and kept in the property fund.
- Collection of fees by HOA :A homeowners' association collects charges from tenants to maintain the society. The association makes a certain budget for maintenance, which is collected on a fixed date. These members ensure that all the areas are well maintained.
- Allocation of charges : Individuals or property owners contribute to maintenance expenses based on certain factors, such as the size of the property, the number of residents, or regulations established by the HOA.
- Payment period : HOA fixes a payment time or date. All the residents have to pay this amount on the fixed date.
The method of calculation of maintenance charges
- Per square feet : This method is used when houses have varied sizes. The total sq. ft of the house decides the maintenance fee.If the committee sets a rate of Rs 4 per sq. ft. and the apartment measures 600 sq. ft. area, the resident has to pay Rs 2400.
- Equal fees : This method works best when all houses are similar in size. The total maintenance charge for the month is combined and then distributed among all residents, ensuring fairness for everyone.
- Hybrid fees : In this method, owners must pay a set fee, and additional fees are based on the size of their property. This is considered the most better way to calculate these fees.
