An Explainer: Common Areas

Description

 Common areas in a residential development are used by all apartment owners.

In a residential set-up, there are many areas that are used and paid for by everybody who owns an apartment in that development. Common areas are used by tenants in residential developments too. Parking lots, elevators, lobby and corridors are the examples of common areas. Owners of apartments often have to pay the co-operative society or home-owners association for the upkeep of such areas. However, on whom the responsivity of the maintenance of the common areas lie may depend on the society in which you own or rent an apartment.

Also Read: What Is Carpet Area, Built-Up Area And Super Built-Up Area

The super built-up area of a flat includes the carpet area or the space where you lay the carpet and the thickness of the walls and the common areas in the development. However, the built-up area does not include common areas. Many home buyers do not know that the super built-up area includes common areas too, and that they are being charged for it. In commercial developments, common areas are often maintained using the fee collected from the outlets in the buildings, depending on the amount of floor space each unit occupies.

Check out PropGuide's comprehensive guide to real estate terms here.

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