3. Definition -

In this Act unless the context otherwise requires- (a) “Allottee” In relation to an Apartment, means the person to whom such Apartment has been allotted, initially by the promoter but not yet sold or transferred: (b) “Apartment” means a part of the property, provided by the promoter/developer in a multi- storied building intended for any type of independent use, including one or more rooms or enclosed spaces located on one or more floors or any part or parts thereof, in a multi-storied building to be used for residence or office or for the practice of any profession or for the carrying on of any occupation, trade or for business or such other type of independent use as may be prescribed, and with a direct exit to a public street, road or highway or to a Common area leading to such street, road or highway, and includes basement, cellar, any garage or room (whether or not adjacent to the multi-storied building in which such Apartment is located) provided by the promoter for use by the owner of such an Apartment for parking any vehicle or as the case may be for the residence of any domestic aide employed in such an Apartment. (c) “Apartment number” means the number, letter or combination thereof, which is the designation of the Apartment in the Deed of Apartment. (d) “Apartment owner” means an allottee to whom an Apartment has been finally transferred or sold by the Promoter and who as a result of which owns the Apartment and has an undivided interest in the Common areas and facilities appurtenant to such Apartment in the manner/percentage specified in the deed of Apartment; Explanation — An allottee becomes an Apartment owner only after payment of the entire consideration together with interest thereon, if any due, and the Apartment finally transferred or sold to him by the Promoter subject to provision of Section-11. Besides this, the Apartment Owner should have a Deed of Apartment executed and registered in his favour whereas merely an Allottee is not required to do so; (e) “Approved Bank” means the State Bank of India constituted under Section 3 of the State Bank of India Act, 1955 (23 of 1955), or a subsidiary bank constituted under Section 3 of the State Bank of India (Subsidiary Banks) Act. 1959 (38 of 1959), or a corresponding existing bank constituted under Section – 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or a corresponding existing bank constituted under Section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980). (f) “Association of Apartment owners” means the association of all the Apartment owners of a multi storied building acting as a group and termed as such in accordance with the bye-laws and Deed of Apartment and competent to contract in its own name. Explanation— A member of a co-operative housing society or an allottee under a hire purchase agreement will be deemed to be an owner entitled to membership of the association. (g) “Board” means the Board of Manager of an Association of Apartment Owners elected by its members under the bye-laws.