What Happens To Apartments After 100 Years?

What happens to apartment owner when the building is demolished in India?

After its full service period when building is not for further use , it demolished and all the owners become the co-sharer of land only.

Now owners have to decide whether they will build a new house or not.

If some owner disagree they can sell his aportionate portion to the association and quit..

Is flat better or house?

Flats are more economical And it doesn’t end there, as sanctions and approvals for utility connections will still have to be tackled. An independent house also has issues of security and maintenance.

Who owns the land of apartment in India?

The each person/s in whose name the apartment is registered shall be owner of the land on which the apartment building stands. However, in view of more several apartments in a building, each of the apartment shall be allocated an undivided share of land proportionate to the area of the apartment.

What is the life expectancy of a building?

about 120 yearsAccording to a recent colloquium at the Getty Center, the average life span of a conventionally built building (masonry and wood) is about 120 years. But for modernist buildings (reinforced concrete and glass curtain wall) it’s half that: 60 years.

Why apartments are better than houses?

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. The rent is usually much cheaper on apartments too, compared a house or a mortgage.

How long will apartment building last?

Since all concrete buildings look the same to the untrained eye, it is very difficult to ascertain how long any one will last without needing serious structural repairs. While some buildings will last for more than 50-60 years without problems, some will start developing problems after few years of construction.

Is it right time to invest in real estate in Pune?

Over the years, real estate in Pune has been witnessing high demand, as the city offers great employment opportunities to the residents. … Commercial property investors are also looking forward to buying offices and retails shops in Pune. With prices increasing, this would be the right time to go for the purchase.

What happens when a condo building gets too old?

Either they sell the land, make some money from the salvageable scrap from the demolished building, deduct the cost of demolition, and divide the proceeds among the owners; or strike a deal with the original developer or another developer to build a new condominium on their land.

What type of house lasts the longest?

Go for a cave. Statistically, out of all Human homes, they’ve lasted the longest. Too many variables. Like a few have said, stone of a very durable material, especially the weathering resistant types like granite.

What is the average life of a house?

Ideally, the average lifespan of any concrete structure is 75-100 years. But, it is considered that the average life of an apartment is 50-60 years while of a house it is 40 years.

What happens at the end of a 99 year lease?

On the expiry of a 99-year leasehold, ownership of the land reverts back to the state, and the rights of any property owners are effectively extinguished. But surely property owners will be entitled to fair compensation for their homes that remain on the property Unfortunately not.

What will happen to my flat after 100 years?

After 100 years you (your grand children) will get a notice stating the lease is over. You would then have two options. Vacate the property or renew the lease. It would be foolish to vacate the property and most legal fights going on are when the gov refuses to renew a lease term as the property.

What happens to old apartment buildings?

Generally multi storied apartments are governed by owners associations. Once a majority of them decides to demolish it, irrespective of the age of the building, each owner will have ownership of their UDS ( un-divided share ) of the land. The owners association have generally the choice of sale or re-building.

What is 99 years lease India?

The development authority of a particular area provides land development rights to developers and sells properties for a lease of 99 years. This means that anyone who purchases a residential or commercial property will own it only for a period of 99 years, after which the ownership is given back to the landowner.