Who owns the land of an apartment building?
Who owns land in apartment? The apartment owners collectively own the land on which the apartment building stands. In a cooperative housing society, the land is owned by the society and the flat owners are shareholders of the society.
What is the minimum undivided share of land in apartments?
Illustration for UDS Calculation The UDS can be calculated by multiplying the total land area with the size of the individual apartment (3,500*1,000) in this case and dividing the result by the sum of areas of all apartments which is 1,000*5=5,000. Hence UDS =1,000*3,500/5,000 =700 square feet.
Who owns the land in a block of flats?
A Block of Flats will have many property owners. There will be ownership of the whole building, usually by a freeholder, and in addition each of the flat owners will have their own Leasehold Title. Each of the flat owners and the building owner will have a Title Register , Title Plan, and a Lease.
What is the agreement between builder and owner?
The builders shall indemnify the owner in respect of all claims, damages or expenses payable in consequence to any injury to any employee, workman, nominee, invitee while in or upon the said premises.
Can land owner and building owner be different?
no sir it is same owner ship it is not different. husband wife are not treated as different . if third party sale it then they have to take the owner written permission.
How long does an apartment building last?
Ideally, the average lifespan of any concrete structure is 75-100 years. But, it is considered that the average life of an apartment is 50-60 years while of a house it is 40 years.
What will happens to apartment after 100 years?
The development authority of a particular area provides land development rights to developers and sells properties for a lease of 99 years. This means that anyone who purchases a residential or commercial property will own it only for a period of 99 years, after which the ownership is given back to the landowner.
Can you sell undivided land?
The short answer is yes, and the long answer is how. You have the legal right to sell your undivided property. The problem is finding a market for it. Others may not desire to step into your shoes and have co-owners of your property.
Do you own the land in an apartment?
Yes. An apartment owner in a condominium regime must also own a portion of, or an undivided interest in, the underlying land. For example, in a condominium with ten equal-sized apartment units, each owner owns their unit together with an appurtenant interest in the common property on which the condominium is situated.
What are the rights of apartment owner?
Following are the rights of apartment owners: A resident has the right to attend the general assembly meeting and discuss the subjects. A resident has the right to get a copy of the co-operative society act and the bye-law. A resident has the right to transfer/inherit the property.
Can I give the plot to a builder for building apartments?
Yes, it is possible to give the plot to a builder for building apartments and then getting some apartments as part of the joint venture agreement. The joint venture agreement between the landowner and the builder clearly specifies the role of each of the parties.
Can a land owner build a building with a developer?
One or more land owners may enter into an agreement with a Developer to construct a Building and then to share the Built up area in a definite proportion. Here again the Land owner may be owning the land as ‘Capital Asset’ or as’ Stock in trade’.
What is the share of the builder in the construction of apartments?
They enter into Development Agreement on sharing the Apartments after completing the Construction. The Seller would get 35–55\% based on the Location, Market price of the Land, Size& Shape of the plot, Vasthu compliance etc. The Builder takes the remaining 45 —65\% share for Appartments (Number of Flats) Study economics for business with MIT.
Is it possible to sell a plot of land for apartment?
Yes. It is Possible absolutely if you are having a Bigger size of Land, suitable for the construction of Appartment Complex Generally the Sale of Plot would be in two ways. First one is On outright sale, Taking total amount and Registration of the Sale Deed to the Buyer.