Section 5. Apartment to be heritable and transferable

Each apartment, together with the undivided interest in the common areas and facilities appurtenant to such apartment, shall, for all purposes, constitute as a 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, remedy and to penalty, forfeiture or punishment as any other immovable property or make a bequest of the same under the law applicable to the transfer and succession of immovable property: Provided that where the building is on leasehold land, the transfer shall be subject to the terms and conditions of the lease: Provided further that no apartment shall be transferred without obtaining no-dues certificate from the Association.