The object of the Maharashtra Tax on Buildings (with Larger Residential Premises) Acts 1979 is to levy a tax so that there is a check on extravagant use of available living space, particularly residential accommodation. This tax is a source of revenue for the State Government. Initially there was a separate Act i.e. Maharashtra Tax […]
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4. What is the purpose of collecting amounts towards Sinking Fund in Co-operative Housing Society? What should be the contribution from members towards Sinking Fund? When can the amount collected for Sinking Fund be spent by the society?
The purpose of collecting Sinking Fund is to accumulate and keep sufficient funds with the society so that the property of the Society i.e. building can be reconstructed in future. The contribution to Sinking Fund is a statutory obligation. Sinking Fund has to be contributed as decided by the General Body of the Society. It […]
3. A house is a house, by whatever name you call it. How is an apartment under the Maharashtra Apartment Ownership Act the any different from a flat under the Maharashtra ownership Flats Act, 1963?
Under The Maharashtra Ownership Flats Act, 1963, the land and the building including, flats/ premises or apartments are conveyed to and owned by a Co-operative Society or a Limited Company, both of which are persons or incorporated bodies in Law. An association of Apartment owners under the Act is an incorporated body. Further, under the […]
2. What particulars must ‘Deeds of Apartments’ under the Apartment Ownership Act contain ?
Deeds of Apartments must contain the following particulars, namely: a) Description of the land as provided by Section 11 of the Act or the post office address of the property, including in either case the liber, page and date of executing the Declaration, the date and serial number of its registration under the Registration Act, […]
1. I live in an apartment constituted under the Apartment Ownership Act, 1963 What happens in case of destruction or damage to the common property?
If, within sixty days of the date of damage or destruction to all or part of the property, it is not determined by the Association of Apartments Owners to repair, reconstruct or rebuild, then and in that event,- a) the property shall be deemed to be owned in common by the apartment owners; b) the […]
