Mumbai has always been a hot real estate investment destination for many. Apartments and high rises dominate the skyline and buying apartments in Mumbai has become tougher than ever. These apartments are not only restricted to Mumbai, but it has gradually become a trend in Tier II cities in Maharashtra as well. With the ever growing real estate demand, one must be aware of the legal aspect of owning an apartment. The Maharashtra Apartment Ownership Act, 1970 states the guidelines to apartment ownership in the state of Maharashtra. Here’s a few important pointers from the act.
An Act to provide for the ownership of an individual apartment in a building and to make such apartment heritable and transferable property.
This Act applies only to property, the sole owner or all of the owners of which submit the same to the provisions of this by duly executing and registering a Declaration as hereinafter provided:
Provided that, no property shall be submitted to the provisions of this Act, unless it is used or proposed to be used for residence, office, practice of any profession or for carrying on any occupation, trade or business or for any other type of independent use.
Ownership of apartments
Each apartment owner shall be entitled to the exclusive ownership and of possession of his apartment in accordance with the Declaration, executed and registered as required by section 2 of this Act.
Common areas and facilities
Each apartment owner shall be entitled to an undivided interest in the common areas and facilities in the percentage expressed in the Declaration
Certain work prohibited
No apartment owner shall do any work which would jeopardize the soundness or safety of the property, reduce the value thereof or impair any easement or hereditament nor may any apartment owner add any material structure or excavate any additional basement or cellar without in every such case the unanimous consent of all the other apartment owners being first obtained.
Bye-laws, their contents
The administration of every property shall be governed by bye-laws, a true copy of which shall be annexed to the Declaration. No modification of or amendment to the bye-laws shall be valid, unless set forth in an amendment to the Declaration, and such amendment is duly recorded, and a copy thereof is duly filed with the competent authority.
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Anupriya Dharma is a writer with journalistic experience of over 4 years in print, social and new media. She was a content specialist for corporates and instrumental in various digital media establishments.