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Can an Apartment association (not a society) own immovable assets
07-Nov-2023 (In Property Law)
As a settlement offer with our builder, one apartment is being offered to the association. Can the association formed under Karnataka Apartment Owners Act own this apartment and get the same registered? The association might like to use this apartment for offering rental services or selling it at a later date.
It is a very interesting question. By a deed of declaration, a builder transfers the common areas in an apartment to the society/association, which means that the all the owners in the apartment become owners of the common areas. According to your query, if the builder is offering an apartment in settlement, the right, title, and interest in that apartment will be transferred to all the owners of the apartment. This apartment also becomes part of the common area, which means that if and when this apartment is sold by the association (which requires strong approval by the community through a GBM resolution), the sale proceeds will become a part of the sinking/common fund. This fund can be used for the benefit of the apartment.
To answer your query, a builder can transfer the rights of an apartment to the association, which means that the apartment would be held by all the owners in the apartment.
To answer your query, a builder can transfer the rights of an apartment to the association, which means that the apartment would be held by all the owners in the apartment.
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Adv. Vijay Belavadi
Bangalore | 100+ Answers
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