(1) 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 as per law for the time being in force.
(2) An apartment owner may transfer his apartment together with the percentage of undivided interest in the common area 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 may make a request of the same under the laws applicable to the transfer and succession of immovable property. 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 further that where the apartments in possession of a member of a housing co-operative 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 also that where the building is on leasehold land, the transfer shall be subject to the terms and conditions of the lease:
Provided further also that the transfer and inheritance shall conform to the provisions of the Land Transfer Act.
(3) The promoter shall neither impose any condition on such transfer in the agreement of sale nor collect any amount for acquiescing to such transfer.