Amendment status not verified — confirm the current text below against the official source.
(1) An apartment together with its undivided interest on the common area and facilities, shall constitute heritable and transferable immovable property within the meaning of the relevant law for the time being in force. Provided that no apartment and the percentage of undivided interest in the common area and facilities of apartment shall be partitioned or sub-divided for any purpose whatsoever unless the property is withdrawn from the provisions of this Act under section 14. (2) Notwithstanding anything contained in the Transfer of Property Act, 1882, or in any other law for the time being in force, but subject to the provisions of section 14 of this Act, any person shall be the owner of the apartment, by, - (a) purchase through a registered sale deed duly registered under section 17 of Registration Act, 1908. (b) taking lease for a period of not less than thirty years or more of an apartment comprised in a property, by a registered deed of lease registered under Section 17 of the Registration Act, 1908. (3) To effect sale or purchase or lease for more than one year of the said apartment, the Competent Authority shall determine and fix the proper market value of the apartments for sale or purchase and the annual rent for the purpose of transfer of the apartment on lease to the intending buyers or lease holders as the case may be, so that during transaction none of the parties i.e. the seller or the buyer or the lease holder as the case may be, could conceal proper valuation of the apartment to evade due payment of stamp duty and registration fee. Central Act, 4 of 1862 Central Act, 16 of 1908. Central Act, 16 of 1908. Benamidar of an apartment to be deemed to be the real owner thereof Common areas and facilities. (4) An instrument of sale or purchase or lease shall be registered in such manner and within such period as may be prescribed, undertaking to comply strictly with the bye-laws and with covenants, conditions and restriction set forth in the declaration.