Increase in population density in major cities led to increase in Floor Space Index (FSI) and this coupled with advancement in construction technologies has led to both requirement and ease of construction of high-rise buildings with multiple units or flats in such cities instead of traditional open plot bungalows. This has led to the concept of common ownership and interest in respect of the areas not forming part of individual units/flats i.e. common areas. To avoid conflicts as well as for better maintenance of common areas, a concept of association of persons/owners such as co-operative society, condominium etc. came into being.
Against this backdrop, Aditya Khadria, Partner at Economic Laws Practice (ELP) authored an article for moneycontrol.com, titled ‘Own a property in a cooperative housing society? Here is why nomination is important’. Bharat Jain, Principal Associate at ELP also contributed to the article. In his article, Aditya talks about the benefits of having a property in a cooperative society and why appointing a nominee is extremely important.
Read the detailed article here: https://bit.ly/3Ng7ZVF