Mohali, June 30
After 10 years of its formulation, the Punjab Government has finally implemented the Punjab Apartment Ownership Act, 1995. The Act allows property owners in the state to sell their real estate on a floor-wise basis. This means different persons can own different floors of a single commercial or residential unit.

The notification to this effect was issued by the Secretary, Department of Housing and Urban Development, Punjab, on June 20, almost 10 years after the Punjab Legislature received the assent of the President of India for the formulation of this Act on June 26, 1995.

Now a prospective buyer of a flat, who earlier due to lack of choice was forced to buy from private colonisers and cooperative housing societies after paying hefty premiums, can opt for a first or second floor of a constructed house anywhere in the state. Similarly, commercial buildings can also be bought and sold floor-wise.

This Act allows the subdivision of a residential or commercial building into separate units. Each such sub-unit would be recognised as an independent piece of property on which the owner will have complete ownership rights and also proportionate rights in the declared common areas of the said building.