Apartment owners’ association: A helpful hand in need
Today’s society is driven by insecurity and fear, fear over losing their financial investments and properties. Realty market is not an exception to this fear and insecurity. Financial insecurity results in disruptive market sentiments in end users and inhibits their purchasing power indirectly. This considerably lowers the demand for properties in the realty market. Apartments are the main victims of property frauds. Be it buying an apartment or renting it both has huge risks in the current market.
Even though it is not possible to completely prevent the frauds there are ways to protect oneself from such frauds. One of the best way to deal with this problem is Apartment owners’ association.
An Apartment owners’ association is formed with 5 members who possess apartments. Any such owners’ association that are formed have to be registered under Tamil Nadu societies registration act, 1975. People who don’t have the apartments and have leased them for rent also can be registered under such association by filing an application towards any of them.
Any such registered association is allowed to solve small disputes that disrupt the serenity of the apartments they control. They are also entitled to solve disputes between owners without taking the issue for any kind of jurisdiction. In case, if it is out of hand of the association they can still plea for or against the litigant in the respective court of jurisdictions.
By registering with an association for the owners, one can safeguard his properties to certain limits. These associations help in fighting lawsuits. In cases like what happened in Porur, if one happened to own a flat before the construction has been completed he can’t claim insurance due to faulty construction. But this association can file lawsuit against the developers provided the undivided share of land was under one name. Even though this is not a complete solution, it serves to the needs of victims to an extent. Apart from dispute solving, the associations also help in maintaining the amenities in the apartments and providing every facility which will help in the well being of the occupants.
The Apartment owners’ association gives only financial security to an extent. Further the life threat when an apartment goes down still does exist. Security for life and property can be guaranteed only if the government brings in strict and stringent reforms and norms for the developers and builders.
