Air Rights mean the right to develop/construct on the air space above any home or property or even building.
Air rights indicate the legal right to occupy, develop, use, or control the air space or vertical space above any property, subject to all guidelines and regulations. When a building is purchased by any owner, he/she will have the right over the air space above his/her building, within the zoning and other restrictions. This is vital for real estate developers who are looking to tap into vertical development and its immense future potential.
There are many uses of air rights in the real estate industry. For instance, a developer/owner may purchase a building which only has a single storey. He/she may wish to develop 4-5 storeys over the same, subject to regulations and zoning laws. These four storeys can be used commercially for earning rental income through leases to entities, or let out to residential tenants. They may also be developed into housing units that are sold to buyers. Air rights make a huge difference to the sales value when selling the property in the future, if used in the right and legal manner. They also equate to vertical development rights in most areas.
