Tuesday, February 16, 2016

APARTMENTS AND FLATS

APARTMENTS AND FLATS


Apartment:
Karnataka Apartment Ownership Act 1972, defines apartments as follows:“ A part of the property intended for any type of independent use, including one or more rooms, or enclosed spaces located on one or more floor (or parts thereof) in a building, intended to be used for residential purposes, with direct exit to a public street road or highway or to a common area, leading to such street, road or highway.
Pent house:
Pent house is a very expensive and comfortable apartment or set of rooms built on the top of a tall building with vacant space in front.
Duplex House:
A type of house divided into two parts with two separate homes in it, upper and lower. An apartment with rooms on two levels is called as Duplex house.
Building as per Karnataka Apartment Ownership Act:
Building means a building containing four or more apartments or two or more buildings each containing two or more apartments of all such buildings and comprising a pair of the property.
Common expenses:
Common expenses means
  • All sums lawfully assessed against apartment owners by the Association of Apartment owners.
  • Expenses of administration, maintenance, repair or replacement of common areas and facilities.
  • Expenses agreed as common expenses by the bye-laws.
  • Expenses declared as common expenses by the provisions of Karnataka Apartment Ownership Act or by the declaration or the bye-laws.
Common profits:
Common profits means balance of all income rents, profits, and revenues from the common areas and facilities remaining after deducting the common expenses.
Promoter:
Promoter is one who constructs or causes to be constructed a block building of flats or apartments for the purpose of selling the same or all of them to other persons or to a company, co-operative society or others.
Flat:
According to flat Ownership Act 1972, the flat is different from apartment, though n common usage both similar, Flat is described a separate and self contained set of premises, intended to be used for residence or office or showroom or shop or godown, and includes a garage, the premises forming a part of a building. The apartment has to be used only for residence.
Apartment owner:
Apartment owner means the person or persons owning an apartment and undivided interest in the common areas and facilities in percentage, specified and established in declaration.
Deed of declaration:
Deed of declaration is an instrument by which property is submitted to the provisions of Karnataka Apartment Ownership Act 1972. It contains description of land on which buildings is constructed, details of building like number of storeys, number of apartments, description of common areas, and limited common areas etc.
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