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Written by Administrator   
Saturday, 23 January 2021 09:10

CALCULATION OF MONTHLY MAINTENANCE FEES DUE TO THE

MANAGEMENT CORPORATION.

 

CMA wishes to draw your kind attention for the following process for your perusal

(a)   In term of section 20 C 1 (bb) of the Apartment Ownership Law as amended by subsequent amendments monthly contribution (maintenance)fees should be calculated in proportion to the share value of the respective Condominium Parcel as per the registered Condominium Plan

 

(b)   CMA had observed some Management Corporations charged the Monthly maintenance fees according to the uniform system from the date of establishment of the Management Corporation.

 

(c)    The above issue has been resolved by the Regulation made by Ministry of Housing and Construction under section 24 of the Apartment Ownership Law No 11 of 1973 published in gazette notification of 05.07.2017. An extract of section 11 (g) under      (part iv) of the regulation is cited for your perusal.

 

Part - IV

11 (g) where any management corporation has charged the management fees in equal installments, the management corporation from the date of these regulation shall charge the management fees in proportionate to the share value of the Condominium Parcels’.

Hence, all the Management Corporations should adhere to the said regulation with immediate effect. More clarification you may refer the respective Condominium Plan.

 

 

 

Last Updated on Saturday, 23 January 2021 09:36
 
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