Tax implications on tenancy to ownership conversion

Hi,

My office is a tenancy premise (Commercial) under the landlord since 1957 (Also known as Pagdi System in Mumbai) under the Rent Control Act.

I am also a Partial Landlord of the building where my office is (Landlord is a partnership firm with 3 equal partners)

 I would like to convert my tenanted premise (commercial office) to an ownership property (Owner remains the same) (all the Landlord partners are willing to agree)

What will be the tax implications considering that the owner remains the same? will this be considered a transfer?

Thank you,