Interest Bearing Maintenance Security (IBMS) definition
Interest Bearing Maintenance Security (IBMS) means the interest bearing maintenance security to be paid by the Applicant for the maintenance and upkeep of the Said Project/Said Building, to be paid as per the payment plan to the Company or to the Maintenance Agency @ Rs. 538/- per sq. mtr.(Rs.50/-sq.ft.) of the saleable area of the Said Independent Floor. IBMS shall carry a simple yearly interest as per the applicable rates on fixed deposits accepted by State Bank of India at the close of each financial year on 31st March to be adjusted in the manner to be stated in the Agreement.
Interest Bearing Maintenance Security (IBMS) means the interest bearing maintenance security to be paid by the Allottee for the maintenance and upkeep of the Said Project to be paid as per the Payment Plan to the Company/Maintenance Agency @ Rs. 25/- per sq. mtr./per sq. ft. of the Said Independent Floor or such other amount that the Company/Maintenance Agency may revise it to and which will carry a simple yearly interest as per applicable rates on one year fixed deposits accepted by State Bank of India at the close of each financial year on March 31st, to be adjusted in the manner to be stated in the Maintenance Agreement.
Interest Bearing Maintenance Security (IBMS) means the interest bearing maintenance security to be paid by the Allottee for the maintenance and upkeep of the Said Complex/ Said Building/ Said Independent Floor to be paid as per the payment plan to the Company or to the Maintenance Agency @ Rs. 538/- per sq. mtr (Rs. 50/- per sq. ft.) of the super area of the Said Independent Floor.
More Definitions of Interest Bearing Maintenance Security (IBMS)
Interest Bearing Maintenance Security (IBMS) means the interest bearing maintenance security to be paid by the Allottee for the maintenance and upkeep of the Said Project to be paid as per the Payment Plan to the Company/Maintenance Agency @ Rs. 500/-per sq. yards of the Said Plot Area or such other amount that the Company/Maintenance Agency may revise it to and which will carry a simple yearly interest as per applicable rates on one year fixed deposits accepted by State Bank of India at the close of each financial year on March 31st, to be adjusted in the manner to be stated in the Maintenance Agreement.