The earliest form of the condominium has been traced to the first century AD in Babylon by various scholars. However, the word condominium has originated from Latin. it is formed from the two words ‘con’ and ‘dominion’ which means together and property or ownership. A condo is the term used as the short form for ‘condominium’. It is basically a private residence owned by an individual or a family in a building or community which also hosts multiple townhouses.
All the condos share the same yards, garages, playgrounds, swimming pools and gym which makes it a bonus for busy house owners as they don’t have to maintain those amenities themselves. Cheras property are designed for those people who want to own real estate but don’t have time for maintenance. They come with attractive amenities and a small community of its which makes it a happy place for elders or people who live alone.
The condos are ruled or governed by a board or homeowner association that collects due tax for maintaining amenities. They also enforce rules and regulations that every condo owner should abide by when they purchase their condominium. The board members are vested with powers to make rules ranging from the number of pets that the owner should keep to the number of people they can accommodate in their condos. While apartments are leased by their tenants, the condo has outright ownership.
Condominium can be termed as the collection of individual home units and common areas along with the land where they live. The ownership is only confined to the areas that are specified by a legal document called the declaration, which is normally filed on a record book with the local governing body. These areas include boundaries with a specific wall surrounding the condo where the owner is allowed to make necessary modifications according to their preferences. There are also detached condominiums and site condominium types where there are fewer rules imposed and the homeowners have freedom and control over the ownership.