Dear Members,
individual plots are situated side by side. Owners of these plots plan to jointly construct a structure over the combined plots by pooling money from their own sources. No outside developer is involved.
My question is :
What are the legal implications for the said case?
What kind of agreement should be prepared to divide the share?
On what basis land should be divided? Will it be undivided share or is there any provision to mark the individual share of land after final construction?
Some people suggest :
Option1: Prepare MOU, and after construction is completed , go for settlement deed
Option 2: Prepare development agreement with owners same as developers.
Option 3: Prepare MOU... no need of registration... because property is secure because of previous sale deeds.
Option 4: register a firm for owners,, prepare a development agreement with developer as a registered firm of owners.
Kindly suggest a suitable answer which involves least registration charges and where owners shares are legally secured.
Property is at hyderabad.
Thanks.
