Section 21(4) in The Maharashtra Housing and Area Development (Estate Management, Sale, Transfer and Exchange of Tenements) Regulations, 1981
(4)On the formation of the housing society or company, the Board shall arrange to lease the property to the housing society or the company and in any other case, the Board shall lease the tenements in the building to each allottee where the allottees have expressed desire to submit the building to the provisions of the Apartment Act, and thereupon, the society or the company or the allottees shall hold the property, or as the case may be, the land and the tenement purely as tenants of the Authority, until all the allottees have paid the full purchase price of the tenements and all other outstanding dues, if any, to the Authority, and the property is duly conveyed to the housing society or company or to the Association :Provided that, where the allottees have paid the full purchase price and there are no outstanding dues due to the Authority, and the property is [* * *] [The words 'not yet' were deleted by G. N. of 20.11.1982.] duly conveyed to the society, company or Association, as provided in this regulation, the tenancy executed in favour of the housing society, company or allottees shall stand terminated and the building shall cease to be Authority premises and the housing society or company or the allottees, as the case may be, shall hold the building as owner thereof subject, however, to the condition that the land beneath and appurtenant to the building shall be held on lease from the Authority as provided in these Regulations.
