Many people prefer to purchase a house in a building/apartment complex because it has better security compared to a stand alone house.
While a new apartment will have better resale and rental value, the flat buyer should be aware that the maintenance charges will also be higher.
For buildings constructed 50 years ago, the maintenance charges are often less than Rs 1900/month for smaller apartments.
In case of new buildings of the top builders in the city, according to some builders, the maintenance charges are approximately Rs 15000 per month, which only those who have good income can afford to pay.
The maintenance charges are calculated based on the size of the flat or apartment, the maintenance charges are higher for bigger flats.
For non-salaried citizens, the monthly income can vary greatly, so they should plan to pay the maintenance expenses, even when their income reduces to a great extent.
While many older apartment complexes are considering redevelopment, the maintenance charges remain a major consideration for older or retired residents, since the maintenance charges of the redeveloped building will be much higher.