The cost of owning an apartment in Bangalore, especially older ones, is often overlooked. The Sinking Fund, collected for emergency purposes, is often misused leading to high costs for apartment owners. Older apartments in Bangalore, registered under KAOA Act 1972, lack proper oversight and dispute resolution bodies, unlike Maharashtra. Before purchasing an older apartment, buyers should inquire about the Sinking Fund amount and its usage over the years. A low Sinking Fund amount means a higher cost of ownership and potential unexpected bills.
New apartments are not necessarily better as they may lack basic necessities like a Cauvery water connection. Due diligence for apartments must include a review of the Society/RWA to avoid illegalities or omissions. The lack of regulation in Bangalore’s residential associations is a significant issue. Institutions like RERA or a new state-level regulatory body could help track and implement land laws and urban planning guidelines.
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