Want To Know Apartment Lifetime In India And What The Owners Right After Lifetime?
21 Nov
Posted by as india
I am planning to buy an apartment in india either hyderabad or bangalore, want to know the following.
1. What is the Lifetime of the Apartment in Inida?
2. Can we live in the Apartment even after the Lifetime?
3. What will we get after the lifetime or collapse, Since the land will be common for all the flots. Will the money be shared to everyone after collapse or how does it work?
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2 Responses
Veers ???????
November 21st, 2009 at 7:58 pm
1For RCC structures life time of apartments is over 100 years.
Again after collapse, the co-owners have right over the whole property in the proportion of their land share as per registered document.
if sold jointly, each co-owner will get proportionate amount.
On the other hand if the property be redeveloped, each co-owner can have proportionate constructed area as per land share proportion on the total building area. each co-owner has to contribute construction cost in that proportion.
siva kumar reddy
November 21st, 2009 at 11:34 pm
2In America you cannot purchase a Apartment – You can either purchase a share in a commune or purchase your property as a Condominium. In an Apartment – tenants pay a landlord who contracts to have common areas serviced, landscaping – laundry facilities and maintenance of buildings – walls & roofs/pools & grounds. If you are able to purchase an apartment in India, that would only include the housing and not the ground. If it included the land that the apartment was built on, then you could rebuild your apartment after a collapse. The money you paid for an apartment would be paid to a BANK, not a landlord. The term of payment would be for 25 to 30 years – and only your name would be on the Deed.
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