Table of Contents
Even though this term is not commonly used in India, one will often hear the term ‘condominium’ during the mention of housing options, especially in the west. More commonly referred to as condos, condominiums are a popular housing option in the developed western markets.
What is a condominium?
A large property, divided into single units for the purpose of sale, is a condominium. So how is it different from a regular property? Much of the difference springs up due to the kind of ownership. For example, in the case of an apartment, a single family purchases not just the unit but they also have a right of ownership on the land on which the structure is built. In the case of a condo, the ownership is slightly different. A condominium is inside a residential building or community but the unit is privately managed by the individual or landlord of the property. This landlord has no say in the functioning of the larger building or even the plot of land in which his/her property is built upon. A home owners’ association may, however, come together to help out with the property management. They may also be referred to as the condominium management, consisting of a group of owners that come together to oversee lawn maintenance, etc. For services such as these, condo owners will have to pay a certain amount.
See also: What are penthouses?
Difference between condominiums and apartments
| Condominium | Apartment |
| The individual condo owner is the landlord. The condo managed individually or with the help of a property management company. | It is managed and services are provided by the corporation. |
| More personal touch seen and better amenities are present. | All units have the same basic amenities. |
| Extra charges will apply towards the property management company’s service providers. | Property management services are usually not required. |
| Most maintenance and upkeep and maintenance charges depend on you. | A housing society, through an RWA, will provide the services for you at nominal rates. |
Why should a condo owner pay the property manager?
As already mentioned, a condo owner will be required to pay for the services rendered by a property management company. Such services include repairs, landscaping, maintenance and operation of gyms and swimming pools, etc.
Are condominiums common in India?
Condominiums are quite common in the United States. In India, condominiums are an alternative to the cooperative housing society model, which is common in Maharashtra. Rules pertaining to cooperative societies in Maharashtra are governed by the Maharashtra Co-operative Societies Act of 1960. In 1970, an alternative to such a housing society was introduced by the Maharashtra Apartment Ownership Act, 1970, which provided for the formation of condominiums. These buyers are also called apartment owners who come together and form an association.
See also: All about duplex houses
Condominiums in India and mode of ownership, operation
| Apartments in India | Condominiums in India |
| At least 10 different families must have bought premises within a building, to term it as an apartment building. | An individual can form a condominium, as long as there are five units. |
| Title of land is transferred to the society. The society is the owner and the home buyers are members of this society. | The individual condo buyer is the owner of the property. |
| The society issues shares of the society to home buyers. Upon the member’s death, the society can nominate who can take over. | No concept of society shares. |
| There is a cap on transfer fee. | There may be no cap on transfer fee and it is more flexible too. |
| Every society member is entitled to one vote. | Number of votes is proportionate to the premises. |
| The society can expel a member in worst-case scenarios. | No provision of tackling a worst-case scenario with expulsion, as there are no formal rules. |
Also read: Flat vs House: Which is better?
Related terms: What is a landominium?
We told you that in the case of a condominium, the owner owns the unit and not the land. If the owner owns the land as well, it becomes a landominium unit.
Related terms: What is a condotel?
In case the condominium owner is allowed to rent out the unit like a proper hotel, such a hybrid property may be known as a condotel.
FAQ
Are condominiums the same as apartments?
To an extent, yes, condos are much like apartments but differ in terms of the ownership.
What are the other names of condominiums?
Condominiums may also be called condo, condos or even commonhold. Depending on the ownership and use, condos could also be called landominiums and condotels.
Is a condominium expensive?
Condominiums are generally more expensive than apartment units.
Comments