Query in regards to pagdi system laws

We were staying in pagdi system in santacruz east. our building went for redevelopment in the year 2010. The landlord had made agreement asking us to stay as tenants even after redevelopment. Accordingly to the new law , As per Development Control Rules 33(7) of Mumbai, in the case of cess building, every tenant who is having less than 300 sq ft carpet area shall be given minimum of 300 sq ft ownership flat and the tenants having 300 to 753 sq. ft area, the existing area. Any area above 753 sq. feet will not be granted to the tenants. 2) You would be entitled to 300 square feet area 3) RERA would be applicable to redevelopment of ceased buildings. Owner has taken 7 Years to complete the construction and has agreed to hand over the keys but stay as tenants. Also if we continue to stay on rent, how will the society be formed ,since half of the building flats will be sold to outsiders. In our case, will we get the ownership of the house, as the building is ready and the area is not even 300sqft. Or do we have to pay ownership transfer money, if yes , what would be the amount that would have to be paid