Also called: Advance maintenance, IFMS (in NCR), Corpus fund
A one-time sum collected by the builder or society, usually two years of charges, held for common upkeep.
How it works and what to check
At possession, builders commonly collect maintenance for one or two years in advance, and sometimes a separate corpus or interest-free security that is meant to pass to the residents' association later.
Ask in writing which of these is a deposit to be transferred to the association and which is a charge, and get receipts that say so.
Common questions
Is the maintenance deposit refundable?
Advance maintenance is spent on upkeep. A corpus or IFMS deposit is meant to be handed over to the association, not refunded to you individually, unless the agreement says otherwise.
How much is the maintenance deposit?
It depends on the project; one or two years of charges is common.