What is the difference between advance maintenance, advance maintenance deposits and corpus fund?
Please check your cost sheet and Agreement for Sale to understand which charges are applicable in your project for your flat as this may vary from project to project.
Advance maintenance
This is charged for a certain period (1 year or 2 years for example). These funds are used maintenance of the project towards expenses like common area maintenance, repairs, common area electricity, lift maintenance salaries of security etc.
Corpus Fund
This is a deposit that gets transferred to the society upon conveyance of the said Project Land. The corpus fund is interest-free.
Advance maintenance deposit
This is similar to the corpus fund and shall be transferred to the society upon society conveyance after adjusting the outstanding dues (for example outstanding maintenance bills) of your flat.
Layout maintenance deposit
In case of a larger layout, this deposit shall be transferred to the Apex Body upon transfer of the layout land in favour of the Apex Body after adjusting the outstanding dues if any of the Allottee/s.
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