section 5
An apartment to be transferable and heritable
The Orissa Apartment Ownership Act, 1982General198226 sections
Statutory text
- (1) Each apartment owner shall be entitled to the exclusive ownership and possession of his apartment and to an undivided interest in the common areas and facilities in the percentage expressed in the Declaration;
- (2) An apartment, together with its undivided interest in the common areas and facilities appurtenant to such apartment shall constitute heritable and transferable immovable property within the meaning of any law for the time being in force and accordingly an apartment owner may transfer his apartment and the percentage of undivided interest in the common areas and facilities appurtenant to such apartment by way of sale, mortgage, lease, gift, exchange or in any other manner whatsoever in the same manner, to the same extent and subject to the same rights, privileges, obligations, liabilities, investigations legal proceedings, remedies and to penalty, forfeiture and punishment as any other immovable property or may make a bequest of the same under the laws applicable to the transfer and succession of immovable property: Provided that no apartment and the percentage of undivided interest in the common areas and facilities appurtenant to such apartment shall be partitioned or subdivided for any purpose whatsoever.
- (3) Notwithstanding anything contained in the Transfer of Property Act, 1882 [4 of 1882] or in any other law for the time being in force, but subject to provisions of section 14 of this Act, any person—
- (a) acquiring by purchase, or
- (b) taking lease of, for a period of thirty years or more, an apartment comprised in a property shall—
- (i) in respect of the said apartment, be subject to the provisions of this Act; and
- (ii) execute and register an instrument in such a form, in such manner and within such period as may be prescribed, undertake to comply strictly with the byelaws and with the covenants, conditions and restrictions set forth in the Declaration.
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