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Ownership rights in case of flat in cooperative Society
30-Jun-2023 (In Property Law)
Hello, I am from Goa and I would like to know if I am buying a flat in a cooperative housing society, and the land belongs to the builder, does that limit my ownership? And should I negotiate further on the price of that flat since my ownership is only limited to the flat? Also, once I get possession, what all areas legally belong to me besides my flat, as in corridor, stairs, parking, etc? I have been told that in a cooperative housing society all these commonly belong to the flat owners, but my question is every flat owner will have varying size of the flat, like for example; I may have 50 sq.mt. and my neighbor may have 70 sq.mt., so does it still mean we have equal rights to all the common areas? I would like your kind advise on this
Firstly in my opinion the ownership of the land does not remain in the name of the builder. usually once the builder starts a project he makes agreement with the purchaser, under that agreement to sell the builder constructs the flat with the money of the purchaser which means the flat is owned by the purchaser since it is constructed by his money. Then a Housing co-operative society is formed and the builder transfers the land in the name of the society and the society then issues share certificate to the purchaser, which is then in respect of the proportionate share of the land. by this procedure the purchaser becomes the owner of the flat as well as the undivided proportionate share in the property. That in the agreement the builder agrees to give use of appurtenances and appendages and no ownership of these things is given its only use of these thing that is given.
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Adv. Salil Saudagar
Goa | 25+ Answers
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