Difference between housing society and apartments owners association and condominium
The meaning of Condominium is a Building or Complex of Buildings containing a number of individually owned Apartments or houses. Though this concept isvery old one of ownership for buildings in Mumbai, it is the Co- operative Housing Society model which has been and even today, is the most popular and preferred so far. Buyers who purchase premises on an 'ownership' basis require to come together to manage the building and for that purpose, one of the ways is to form a Co- operative Society , which is regulated by the Maharashtra Co- operative Societies Act , 1960.
An alternative to a Co- operative Housing Society was introduced by the Maharashtra Apartment Ownership Act , 1970, which provides for the formation of a Condominium. The buyers of premises in a Condominium are called Apartment owners who form an association known as an 'Association of Apartment Owners ' in case of both i.e. residential as well as non-residential premises.
The meaning of...