Under The Maharashtra Ownership Flats Act, 1963, the land and the building including, flats/ premises or apartments are conveyed to and owned by a Co-operative Society or a Limited Company, both of which are persons or incorporated bodies in Law. An association of Apartment owners under the Act is an incorporated body. Further, under the Maharashtra Ownership of Flats Act, the legal title to the land or building vests in the society or company as the case may be and the flat or premise holders have a right to occupy and use to use their respective flats/ premises as shareholders and members of the Society or company but no independent or exclusive ownership of any portion of the land or building. In case of an apartment under the Act, each Apartment owner is entitled to the exclusive ownership and possession of his Apartment and an undivided interest in the common areas and facilities in the percentage specified in the Declaration. An apartment is a part of the property intended for any type of independent use, including one or more rooms or enclosed spaces located on one or more floors( or part or parts thereof) in a building,( intended to be used for residence, office, practice of any practice of any profession, or for carrying on any occupation, trade or business or for any type of independent use) and with a direct exit to a public street, road or highway or to a common area leading to such street, road or highway. Courtesy: www.legalpundits.com