Purchase of shares of property, under a supplementary deed

Querist : Anonymous (Querist) 20 June 2023 This query is : Resolved
SIR,

I AM PLANNING TO PURCHASE 2 SHARE HOLDERS SHARES OF A FLAT IN MUMBAI, I AM ONE OF THE 11 SHARE HOLDERS, WE ARE ALL REGISTERED ON THE SALE DEED OF THIS FLAT IN THE YEAR 2011.

SIR, IF I PURCHASE 2 SHAREHOLDERS SHARE, CAN I REGISTER A SUPPLEMENTARY DEED UNDER THE ORIGINAL DEED OF THIS FLAT WITH THE SAME SUB REGISTRAR OFFICE WHERE THE ORIGNAL SALE DEED WAS REGISTERED 10 YEARS AGO?

PLS SUGGEST HOW CAN I SECURE THESE PURCHASED SHARES.

THANK YOU.

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Quick Summary

This discussion addresses the process of purchasing shares of a flat in Mumbai from existing shareholders. The advice clarifies that a supplementary deed is not the correct legal instrument. Instead, a formal registered sale deed, either individual or joint, must be executed by the selling shareholders in favour of the buyer. This process will involve paying the applicable stamp duty and registration fees at the sub-registrar's office where the original sale deed was registered.

kavksatyanarayana (Expert) 20 June 2023
For the shares of two shareholders, it will be a sale for the two and you have to get a sale deed from that shareholders in your favour in the same SRO by paying stamp duty and registration fees.

T. Kalaiselvan, Advocate (Expert) 20 June 2023
If you want to acquire the shares of two shareholders by purchase, you may ask them to execute a registered sale deed jointly in your favor or individual sale deed by each in your favor.
What do you mean by supplementary sale deed, unless the shareholder execute a registered sale deed in your favor, you will not be entitled to claim title to their respective shares in the property.

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