Apartment to be heritable and transferable

Subject to the provisions of section 7 an apartment together with the percentage of undivided interest in the common areas and facilities appurtenant to such apartment, shall constitute for all purposes a heritable and transferable immovable property within the meaning of any law for the time being in force and an apartment owner may transfer his apartment together with 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 or remedies, and to penalty forfeiture or punishment, as any other immovable property, or he may make a request of the same under the law applicable to the transfer and succession of immovable property and the promoter shall neither impose any condition on such transfer in the agreement of sale nor collect any amount for acquiescing to such transfer: Provided that, where the apartment is in possession of a person on the basis of a hire purchase agreement, the transfer of possession of the apartment shall be regulated by the hire purchase agreement and the transferor shall be jointly and severally liable with the transferee for the instalments yet to be paid: Provided further that, where the apartment is in possession of a member of a housing cooperative society of the tenant co-partnership type, the transfer of possession of the apartment shall be regulated by the laws, rules and bye-laws applicable to such society: Provided further that where the building is on leasehold land the transfer shall be subject to the terms and conditions of the lease.