According to The Maharashtra Apartment Ownership Act, 1970

Objects and Reasons:- Consequent upon the shortage of lands in urban areas, the majority the citizens of urban areas of the state cannot think in terms of owning houses on individual basis, though there is an evergrowing tendency to construct multi-storeyed flats, apartments and the like on ownership basis, persons purchasing flats, tenements or apartments do not have a marketable title thereto and cannot obtain any loan on the security of such tenements, with the result of that an enormous amount of capital is locked up, which can be utilized for new construction to meet the increasing demands for housing. it is, therefore, considered expedient that each apartment should for all purposes constitute a heritable and transferable immovable property, so that the sale and purchase of such apartment is carried out.