Paagdi Property (may go into redevelopment)

Querist : Anonymous (Querist) 06 March 2011 This query is : Resolved
Hello,
My wife and myself (in our 80s) presently live with our 4 sons and their family in a paagdi property. We have already given rooms to each of the sons and the same should continue till the property goes into redevelopment. Now I wish to put it in writing that, in case the property goes into redevelopment, each of my sons should get equal shares in the redeveloped property.
1.What kind of document/agreement would be required to carry this out?
2. Do i need to get it on stamp paper? If yes, what amount?
3. Has this document/agreement to be registered?
4. Should I get the signatures of all my sons in the agreement/document?
5. Who should sign as witnesses?
If there is any other point that I need to consider, kindly let me know your advice/suggestion on the same apart from the questions listed above.

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Dayananda Gowda (Expert) 06 March 2011
you are not stated that the property is your self acquired or ancestral property

R.Ramachandran (Expert) 07 March 2011
Mr. Dayananda Gowda,
The 'Pagadi' system is in vogue in and around Mumbai. It is only a rented premises. But to get that rented premises, initially the tenant is required to pay hefty sum by way of premium called 'Pagadi'. One who has paid 'pagadi' cannot be easily evicted from the tenancy. Even after the demise of the original 'pagadi tenant' his off springs are allowed to continue the tenancy. It is in this context that the author has posed the query.

Querist : Anonymous (Querist) 07 March 2011
Thank You Mr. R. Ramachandran, i would not have been able to explain this so nicely.

Please someone let me know what to do in my case.

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