Allotment means any plot or land parcel that is given/rented to any individual for building flowers, engaging in activities, agriculture, etc. It means allotting something to someone, including securities, shares, property rights, and items in other categories.
Allotment means allotting or distributing something for various purposes. This can be the allotment of properties, plots, agricultural land, shares, etc. It earlier used to mean the provision of land for cultivation and other agricultural purposes.
Allotment is the procedure of granting property to any individual or buyer. The allottee is the person to whom the promoter transfers, allots, or sells any property or plot. The allotment letter is also a crucial document for home loan applications. It is given by any housing society, authority, or developer, describing the housing unit and the amount paid by the homebuyer to the developer already.
Residential allotment also indicates any residential property built on land that has been allotted as per any agreement or settlement. It could also mean allotting residential plots to eligible individuals for house-building or apartments/buildings as per lotteries or housing schemes of Government or housing authorities.
