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Your water authority will bill the Owners Corporation for water consumption. As this is a charge to the admin fund, owners will pay a proportion in accordance with their unit entitlement, which is unlikely to relate to the actual quantity of water consumed by their unit in relation to the total charged out for the whole strata plan. Is this fair? I think not, as other services such as gas and electricity, and telephone are provided to the individual units, with separate metering for each unit.
It is possible to provide meters for individual units, but you'll find the water authority won't want to read individual meters for each unit when they can just charge out one bill for the whole plan. So then you're faced with having to get some-one else to read the meters and bill the individual owners to recoup costs. You'll also have to separately re-plumb the taps which relate to common property, and provide a meter (or meters) for them. Now if any one disputes the meter readings you have to be able to retest those meters for accuracy. Getting back to your original question, how much will all that cost? How long is a piece of string?
Once upon a time our water was charged out with a generous allowance for each household before excess water charges were levied, but since the decision was made some years back to charge for each drop consumed, an inequitable situation has existed for apartment dwellers, where there is little incentive to conserve water as the charging is more or less invisible as the previous poster has pointed out.