- Does apartments have resale value?
- What are common areas of a building?
- Can builder charge for parking space?
- Whats the difference between a balcony and a terrace?
- What is a terrace flat?
- What is difference between roof and terrace?
- Can a builder sell common area?
- Why is living in an apartment better than a house?
- What is sinking fund in apartment?
- Can builder allot stilt parking?
- Should apartment terrace be locked?
- What are terrace rights?
- What is the purpose of terracing?
- What is the meaning of roof rights?
- What is Apartment act?
Does apartments have resale value?
Scope of Resale This can impact the selling price of the property to a great extent.
This disadvantage is absent in the case of apartments because they come with a fixed structure that’s part of a building and, hence, easier to sell at the market price without much bargaining.
Amenities impact the resale price, too..
What are common areas of a building?
Building Common Areas means those areas within the Building that are provided for the common use of all Building tenants, occupants and invitees, such as, without limitation, accessways, lobbies, common conference and break rooms, corridors, fire vestibules, elevators (if any), foyers, restrooms, janitor’s closets, and …
Can builder charge for parking space?
The builder cannot charge you separately for car parking. The cost of construction, i.e. the sq ft rate, (which apart from your apartment, includes the cost of common areas) should include one car parking space.
Whats the difference between a balcony and a terrace?
A terrace is an open space that can be attached or detached to a building. In contrast, balconies are small elevated platforms that are affixed to a given room in the house. Whereas a terrace can have multiple points of access, a balcony is typically only accessible through the room.
What is a terrace flat?
Terrace is used to describe a flat platform, patio or something that serves as an outdoor living space, therefore the use in rooftop terrace. It also refers to sloping, tiered banks of earth. In most cases, balconies are elevated platforms that are attached to the side of a house or building.
What is difference between roof and terrace?
The slab which is open upwards towards the sky is called TERRACE. The slab which is below the terrace is called ROOF. … Roof is an uppermost portion covering a building. Terrace is an occupiable portion of a building above ground level.
Can a builder sell common area?
According to various apartment and urban area acts and court judgments, builders cannot sell common areas and facilities separately and have to hand these over to the association of apartment owners free of cost once the project gets a completion certificate.
Why is living in an apartment better than a house?
Apartment living can be much more cost effective than house living for both bills and rent. Heating and cooling a smaller area will save money on your gas and electric bills. … This means your winter energy bill will be much cheaper than if you were living in a house.
What is sinking fund in apartment?
A sinking fund is a shared pot of funds prepared against future expenditure such as large scale repairs or major works on a building. Think of it like a hedge against misfortune, or money you’ve got saved up for a rainy day.
Can builder allot stilt parking?
The Supreme Court has ruled that stilt parking spaces cannot be sold by developers.
Should apartment terrace be locked?
Section 117 (IV) of the rulebook states that “every terrace or topmost storey of any building” shall have “a common access”. The stairs must lead to the terrace and everyone must enjoy equal access. So, if the door to the terrace is kept locked, every flat or unit has the right to demand a key.
What are terrace rights?
A terrace or rooftop is a common area of in a residential society which is for the enjoyment and benefit of all its members. Although it has been seen that many developers resort to selling or giving exclusive terrace rights on payment, the practice is illegal.
What is the purpose of terracing?
DEFINITION AND PURPOSE: Terracing involves defined swales constructed at regular intervals along the face of a slope designed to reduce erosion by capturing surface runoff and directing it to an adequate, stable outlet.
What is the meaning of roof rights?
P K TRIPATHI (Querist) 04 October 2014. 2014 IN A MULTI OWNERS BUILDING ROOF RIGHT HAS BEEN GIVEN TO OWNERS OF TOP FLOOR I.E. 3RD FLOOR AND THEY ARE CONSTRUCTING ANOTHER FLOOR. THUS THE OTHER OWNERS ARE PREVENTED TO VISIT ON ROOF FOR MAINTENANCE WORK.
What is Apartment act?
An Act to provide for the ownership on an individual apartment in a multi-storeyed building and of an undivided interest in the common areas and facilities appurtenant to such apartment and to make such apartment and interest heritable and transferable and for matters connected therewith or incidental thereto.