Section 21(1) in The Maharashtra Housing and Area Development (Estate Management, Sale, Transfer and Exchange of Tenements) Regulations, 1981
(1)Unless otherwise specially decided by the Authority, as soon as the minimum number of persons required to form a housing society, or a company or Association, as the case may be, have taken possession of the tenements and in any case not later than three months after the final allotment, such persons shall submit an application -(a)to the Registrar of Co-operative Societies for the registration of the allottees as a housing society, or(b)to the Registrar of Companies for forming a company of the allottees under the Companies Act, 1956, or(c)to the Board requesting that the Authority as owner of the building may, after all the allottees have paid the full purchase price of the tenements allotted and the Authority has no objection to convey the building to the apartment owners, submit the building containing the tenements allotted to them, and the land underneath and appurtenant thereto (hereinafter collectively referred to as the property), to the provisions of the Apartment Act with the condition that the Authority shall grant a lease of such land to the apartment owners on the terms and conditions of lease being disclosed in the declaration either by annexing to the Declaration a copy of the instrument of lease to be executed or otherwise.
