A condominium (colloquially referred to as “condo”) is a large real estate property complex divided into several units that are individually owned, and common areas that are jointly owned. Although this is a concept that is more prevalent in the west, condominium complexes are gaining popularity in India too.
In this blog, we will learn the basic differences between a condo and a housing society and also look at some condominium complexes in Pune.
Contents:
1.What is a Condominium Complex?
2.What is a Housing Society?
3. Condominium Complexes vs Housing Societies
- Management
- Transferring of Shares
- Voting Rights
- Problem/Dispute Solving Approach
- Renting/Letting Out Procedure
- Removal of Members
- Amenities
4. Condominium Complexes in Pune
5. Conclusion
What Is A Condominium Complex?
A condominium is divided into several units, which are then separately owned. It is typically located in a community, but the units are privately owned by individuals who become landlords for their respective properties.
What Is A Housing Society?
A Housing Society or apartment is usually located in a large residential property or a community and is owned by a property management company. A housing society, constructed within a complex, is thus owned by a single entity and then leased out to individual tenants, unlike condos.
Condominium Complexes vs Housing Complexes
Housing Complexes have co-operative societies formed, constituting of all their flat owners. Condominium complexes are different from apartments in the following ways:
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Management
In Condos, the owners form an association and elect the “Board of Managers”, this Board then elects the President, Vice President, Secretary and Treasurer to manage their shared ownership of the common areas in the property.
In Housing Societies, the members of the societies elect a “Managing Committee”, who then elect the Chairman, Secretary, Treasurer, and the other posts required to run the apartment and manage daily affairs.
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Transferring of Shares
In Condos, the owners may transfer the shares of their privately owned units only to their legal heirs.
Whereas in Housing Societies, members can collectively decide and nominate a person to whom the shares of the property may be transferred.
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Voting Rights
In housing societies, every member is entitled to one vote.
On the contrary, in condominium complexes- the owners have voting rights that are in proportion to the area of the property they own or the value of their premises, which would be clearly defined while forming the condominium.
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Problem/ Dispute Solving Approach
Housing Societies direct their disputes, depending on their nature, to the Registrar or to a Co-operative court.
Condominium Complexes direct their disputes to the court that exercises jurisdiction in the area the condominium property is located in.
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Renting/ Letting Out Procedure
In Condos, the owners need not get permission/approval from the Board of Managers to rent/leave/license out their property.
However, that is not the case in housing societies, where the flat owner must obtain approval from the Managing Committee to rent/let out his flat.
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Removal of Members
A housing society can expel its member under clearly-defined extreme circumstances, there is no such provision in condominium complexes.
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Amenities
Since the landlord is also the owner in condos, the amenities usually have a personal touch to them in comparison with housing societies. Everything in the condo is usually done by the individual owner. One is more likely to find upgraded features in a condo like better walls, floors, other personal touches such as paint color, specific kitchen facilities, etc. This results in a variety of different condos in the community.
Housing societies usually don’t have very many varieties between each flat. There isn’t going to be much of a personal touch, and the units are most likely to be identical unless some are better upgraded than others. Several facilities are still offered like clubhouses, parks, etc. It depends on the builder and also the locality of where the property is situated.
Condominium Complexes in Pune
Pune is among the fastest-growing cities in India. With the rapid growth in its real estate sector, it makes for a really attractive location for condominiums to develop.
Waterfront Condominiums in Kalyani Nagar, Pune is one of the many famous ones.
Here are a few links to finding condominiums in Pune you might want to check out:
https://property.mitula.in/property/condo-pune
https://www.commonfloor.com/waterfront-condominiums-pune/povp-szu7es
https://www.99acres.com/mira-condominiums-kalyani-nagar-pune-npxid-r330829
http://www.marvelrealtors.com/residential-properties/vivacity/
http://www.pscl.in/project-sold-out/athashri/
http://www.prathameshconstructions.com/prathamesh-gallardo.php
http://www.panchshiltowers.com/
https://www.panchshil.com/luxury-residences/31/one-north/
http://www.trumptowerspune.com/
Conclusion
In this blog, we learned about what condominiums are and how they differ from housing societies in terms of management, amenities, transfer of shares, and many other such characteristics; we also saw some condominium complexes in Pune you might want to check out while shortlisting your preferred properties.