Jointly owned property, can be in the form of high rise apartments, retail buildings, office towers or villa communities. Such developments will generally have shared recreational facilities and common properties including swimming pools, tennis courts, gyms , elevators, pathways etc.
The Owners Association is legal entity in which the owners enjoy the protection, enhancement, maintenance and preservation of their homes and property. The Owners Association is legally formed upon registration of the first sale of a unit within a jointly owned property and on the issue of a license by the Real Estate Regulatory Authority (RERA).
Owners Association Management – This refers to the day to day running of the administrative, financial and secretarial aspects of the Owners Association, in addition to arrange the maintenance and upkeep of the common areas and facilities owned by the Owners Association..
The primary role of an Owners Association is to manage, operate and maintain the common property and facilities within their jointly owned property, whether it is of residential, retail or commercial use.
A fee paid for the cost of the maintenance of the common areas, including building insurance, utility services e.g. water & electricity and chilled water charges. All owners within these developments contribute to the maintenance of the recreational facilities and common property by paying service charges.