Basic differences between a Condominium Apartment, a Co-operative Society and an Company

Here I have tried to list some of the basic differences between the ownership of flats under MAOA, Co-operative Societies & Companies Act says Adv. R. P. Rathod.

Ø   The Maharashtra Apartment Ownership Act, 1970 is, as its preamble states, an Act to provide for the ownership of an individual apartment in a building and to make such apartment heritable and transferable property. Heritability and transferability of the apartment is the basic feature of holding the property governed by this Act, which distinguishes it from holding the property governed by the Co-operative Societies Act or the Companies Act. The entities are as under:

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