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Step 1: As a first step, one has to decide the amount to be collected and the basis of the collection of Apartment Maintenance Amount. The Apartment maintenance charge which is to be collected from residents is calculated as the amount which is required for ongoing overall maintenance of the Society plus an amount which is set aside for major repairs which might occur in future.
Step 2: After arriving at the amount which is to be collected from all Apartments/Villas per month, the Association or Society has to decide on the basis on which the Society Charges will be shared by each Apartment.
Step 3: The last step is to decide how frequently to charge the maintenance amount from Residents.
We will cover each of the above 3 steps in detail in this blog.