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| After you
have taken possession of your home, the developer concerned
has to convey the land to you / a body of all the residents.
As mentioned earlier, in some states this aspect is taken
care of right in the beginning when you enter into an
agreement for purchase of the land and the said agreement
is registered. In the event that the plot is only one
housing unit, the transfer is straight forward (i.e.,
the land and the building conveyed and transferred to
the buyer). In the event, that there are multiple housing
units on the same plot of land, generally either of the
two broad options are adaptable : |
1. |
Creation of a Society - All the
residents are made members of a Society. This Society
in turn is charged with the upkeep of the complex
(maintenance, security, etc.), collection of all
dues and making payments to all vendors including
making payments of property tax to the government
authorities. In this format, the individuals owning
houses do not own the land on which the housing
units have been constructed. The land however is
owned by the Society of which they are members. |
2. |
The other format is making of a
Condominium, wherein, each individual housing unit
besides owning the house is also entitled to a ownership
of the share in land on which the housing units
have been constructed. The extent of the ownership
depends on the area of his housing unit expressed
as a percentage of the total area.
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