In , an alternative to such a housing society was introduced by the Maharashtra Apartment Ownership Act, , which provided for the formation of condominiums. These buyers are also called apartment owners who come together and form an association. See also: All about duplex houses. Most individuals prefer condominiums, because of their low maintenance costs. The residents need to pay a specific sum annually or monthly for the overall maintenance of their condos.
Thus, the residents need not fix any maintenance issue by themselves. They just need to inform the authorities in order to repair the problems.
Some condos also have regular inspection facilities where repairs are immediately done if any issue is detected. Condominium owners need to pay a lesser premium as compared to owners of individual houses, while they get their condos insured. This is because they only need to get their belonging within their house insured. Also read: Flat vs House: Which is better? While apartment owners in a society need to obtain the consent of the managing committee to rent out the house, the owner of a condominium can give the house on lease or leave and license, without the approval from the board of managers.
They are elected by the members of the apartment owners association. The board is responsible for overseeing the affairs of the condominium. We told you that in the case of a condominium, the owner owns the unit and not the land.
If the owner owns the land as well, it becomes a landominium unit. In case the condominium owner is allowed to rent out the unit like a proper hotel, such a hybrid property may be known as a condotel. Condominiums may also be called condo, condos or even commonhold. No such facility is available in a Condominium and an apartment can be transferred to a person whom the apartment owner bequeaths or to his legal heir s.
I don't see any particular advantage that builder stand to gain by insisting on condominium instead of society. Please throw some light on it. September 26 , AM. Flat owners have absolute right to form co-operative society. Originally posted by Prashantgd View Post. Last edited September 26 , AM. Tags: affair apartment condominium elect formation manage member owner society society formation.
Similar Topics Apartment Condominium Vs. Have any questions or thoughts about this? Post Reply Start Discussion. Download our app now! Rules , Terms of Use , Copyright Policy. Net - King-Media. Yes No. OK Cancel. Thank you for signing up. You can now log into the system using your new username and password. You're only one step away! Or sign up with email. I agree to the site's terms and rules. A copy of the permission form can be downloaded here. Ajay Sethi. As a follow-up a few additional details on the issue - 1.
This is an old property built in 2. The builder has not handed over the accounts to us 3. More than half of the current flat owners have done the apartment deed sale deed Hope the questions asked above are answered and we get more clarifications on this.
Asked 2 years ago. If no deed of apartment is done, than you can form a society. And the magic signatories numbers are with you. Ganesh Kadam. T Kalaiselvan. Mohammed Mujeeb. Vimlesh Prasad Mishra. Mohit Kapoor. Ask a Lawyer Get legal answers from lawyers in 1 hour.
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