In India, there are several common types of property ownership that individuals can have. Here are some of the most common types:
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Freehold
Freehold ownership is when you have the complete and absolute ownership of the property and the land it is built on. It means you have full rights to use, sell, or transfer the property as you wish. It is like owning something without any restrictions.
Leasehold
Leasehold ownership is when you have the right to use and occupy the property for a specific period of time, usually long-term, but you do not own the land it is built on. The land is typically owned by a government authority or a landlord. You have to pay a periodic fee, known as lease rent, to the landowner.
Joint Ownership
Joint ownership is when two or more people own a property together. It means they share the rights, responsibilities, and benefits of the property. Joint ownership can be in the form of co-owners or as members of a cooperative housing society.
Co-operative Society
A cooperative housing society is a type of ownership where individuals come together to collectively own and manage residential properties. Members of the society have a share in the society and are allotted specific units within the property.
Strata Title
Strata title ownership is commonly found in multi-level buildings, such as apartments or condominiums. It means you own your individual unit within the building, including the internal space, but the common areas, such as corridors and elevators, are collectively owned and managed by all the owners in the building.
Tenancy
Tenancy is when you rent a property from the owner for a specific period of time, usually on a monthly basis. As a tenant, you have the right to use and occupy the property, but you do not own it. You have to pay rent to the owner as per the agreed terms.
These are some of the common types of property ownership in India. Each type of ownership comes with its own rights, responsibilities, and legal implications. It is important to understand the type of ownership before entering into any property transaction to ensure clarity and protection of your rights.
