Amendment status not verified — confirm the current text below against the official source.
Act not to apply to the State Government, Housing Board, etc. * * * * STATEMENT OF OBJECTS AND REASONS Act 16 of 1973.- Separate law is being made to declare that flats or apartments in multistoreyed building may, for all purposes, be heritable and transferable immovable property. Owners of such flats or apartments enjoy exclusive ownership of their flats or apartments while retaining an undivided interest in the common areas and facilities which are to be used and owned by all such owners jointly. An enterprising individual or group of individuals may either construct out of his or their own funds multistoreyed buildings consisting of a number of self contained flats or apartments and sell them to individuals on ownership basis, or construct such buildings after collecting contributions from intending purchasers of such flats or apartments. In the interest of the intending purchasers who advance funds it is necessary to regulate the construction, sale, management and transfer of flats or apartments by individuals or group of individuals who construct such multistoreyed buildings. Hence the Bill. (Published in the Karnataka Gazette (Extraordinary) Part IV-2A dated 2-12- 1972 as No. 580.) * * * * 1[KARNATAKA]1 ACT NO. 16 OF 1973 (First published in the 1[Karnataka Gazette]1 Extraordinary on the Twenty-third day of July, 1973) THE 1[KARNATAKA]1 OWNERSHIP FLATS (REGULATION OF THE PROMOTION OF CONSTRUCTION, SALE, MANAGEMENT AND TRANSFER) ACT, 1972. (Received the assent of the President on the Twenty-ninth day of June, 1973) An Act to regulate in the 1[State of Karnataka]1 the promotion of the construction of, the sale and management and the transfer of flats on ownership basis. WHEREAS it is expedient to make provision for the regulation of the promotion of the construction, sale and management and transfer of flats taken on ownership basis in the 1[State of Karnataka]1; BE it enacted by the 1[Karnataka]1 State Legislature in the Twenty-third Year of the Republic of India as follows:-