APARTMENT OWNERSHIP FOR CONDOMONIUM PROPERTY: AN ASPECT OF URBAN PROPERTY DEVELOPMENT: A LEGAL PERSPECTIVE
The objectives of this study are to examine the legal framework of apartment ownership for condominium property in Sri Lanka in relation to its formation, management and dispute resolution in the light of the recent Amendment to the Apartment Ownership (Amendment) Act No. 39 of 2003 in particular and the related law, and to make suitable recommendations to improve the law. The methodology adopted is the review of relevant legislation and case law. Condominium property is a property comprising land with a building having more than one storey and two or more units, the interior space of each unit being individually owned and the balance of the property being owned in common by the owners of the individual units managed by a corporate body called Management Corporation. Today condominium property is an essential aspect of urban property development all over the world. In Sri Lanka a condominium is created with the registration of the Condominium Plan and the related documents at the respective land registryWhile the Sri Lankan Act embodies innovate provisions on the subject, it however needs further revision for example in the registration method, enforcement mechanism, dispute resolution, ﬁxing share values etc., to make the condominium living to be an attractive method of urban housing.
Keywords : Co-property, Con-ownership, Con-apartment and Con- law
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