kumar (xxx) 06 January 2016

Renovation and ownership

My father has a property in Chennai. Meand my brother are interested in renovation. My father willing to settle so that we can go ahead with the demolition and construction. In this regard, I need to the know the following:

1. Does my brother and myself will have 50:50 ownership on the land?

2. Can I own flat ( first floor) and my brother own another flat (the ground floor) ? Meaning separate ownership.

3. Legally can i sell my flat without any issues?

4. Can my brother get a loan from the bank based on his property share?

Please advise.

Regards

Kumar

Reply Follow

2 Replies

Joseph Wilfred (Voluntarily Retired from Indian Overseas Bank) 06 January 2016

DEAR Mr. KUMAR

FIRST THE PROPERTY SHOULD BE REGISTERED IN YOOR NAME AND YOUR BROTHER'S NAME WITH HALF OF UNDIVIDED SHARE OF THE TOTAL PROPERTY .JUST LIKE IN FLATS ,THEY REGISTER AS 1/6 OF UNDIVIDED SHARE IF THERE ARE 6 FLATS IN THAT PROPERTY. THIS CAN ALSO BE DONE BY A REGISTERED WILL. AFTER THIS BOTH OF YOU ARE JOINT OWNERS OF THE OF THE TOTAL PROPERTY. AFTER THAT ONLY YOU CAN BUILD GROUND FLOOR AND FIRST FLOOR AS PER YOUR WISH . YOU SHOULD SHOW THE COMMON AREAS FOR BOTH THE PROPERTIES . ONLY THEN YOU CAN GET A BANK LOAN ON INDIVIDUAL NAMES AND WHEN YOU WANT TO SELL IT YOU CAN SELL IT TO ANYBODY . IT IS ADVISABLE FOR BOTH OF YOU TO PUT IN WRITING THE FIRST PREFERENCE FOR SELLING SHOULD BE GIVEN TO EITHER ONE OF YOU . IF YOU ARE NOT WILLING TO BUY THEN THEY CAN SELL TO A THIRD PARTY . -JOSEPH WILFRED- 06/01/2016 AT 22.02 HRS

T. Kalaiselvan, Advocate (Advocate) 13 January 2016

Besides a good opinion by Mr. Joseph Wilfred, you both can reduce a MOU in writing about the sharing of the property after development of the same into flats including the common areas and get them registered through an execution of a partition deed.