Terrace right in commercial building
raokn
(Querist) 18 February 2016
This query is : Resolved
Dear Sirs,
we gave our property with a building agreement with 50:50 owners and builders shares.
The building is Ground Plus 3 floors.
our (owner"s) share is full 1st and 2nd floors and 500 sq,feet in ground floor.Total area of the built up building is about 16000 sq.feet.
Now if 50:50 is the terrace rights and builder sold to several others his share ...how do we as owners identify the terrace as our 50% share?
if owners want to give on rent to any mobile service communications Tower how we can have 100% rights over the rent and deposit received from the Tower set up on terrace visavis all other owners to whom builder sold his share??
Adv. Yogen Kakade
(Expert) 19 February 2016
This issue can be resolved with mutual consent between you and the builder, if it is not specifically mentioned in the agreement between you and the builder.
Adv. Yogen Kakade
(Expert) 19 February 2016
This issue can be resolved with mutual consent between you and the builder, if it is not specifically mentioned in the agreement between you and the builder.
Adv. Yogen Kakade
(Expert) 19 February 2016
This issue can be resolved with mutual consent between you and the builder, if it is not specifically mentioned in the agreement between you and the builder.
raokn
(Querist) 19 February 2016
thank you sir.
Hemant Agarwal
(Expert) 20 December 2016
1. Terrace is defined as "common open space", under the regional Town Planning Act.
2. IF there are many unit owners in the building, THEN the Terrace usage rights is vested "equally" with all the unit owners of the building and the builder owner or developer has no absolute right on the Terrace, for any purposes, without the written consent of all the unit owners, followed by revenue-sharing amongst all the unit owners of the building.
Keep Smiling .... Hemant Agarwal
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