Wisdom (Manager) 14 March 2012

Urgent advice needed

Dear Experts/ Professionals,

We have a Partnership firm with 4 partners ( deed submitted for registration in Mumbai but pending). we had purchased property(Land in Maharashtra) and got it registered on a Partners name (A). this land was brought into the Partnership property which is mentioned in the partnership deed. Contributions of each partner towards the land is 25% of value. Now we intend to develop the land for Business operations for which I have some doubts/queries.

1) Any developments done on the land including structure/house/water meter/electricity meter will be on one partners name(A) on whose name the land is registered. So what documents need to be executed so that all partners will have equal rights on these assets on the Land. The partnership deed mentions only Land in undeveloped form (which was the status when deed was signed) as firm's Property & subsequent structures/developments to be included by a supplementary deed.

2) Do we need separate agreements for developments done(structure/house, etc.) or will it be an asset of the Firm by default? If any deed/supplementary deed is required, does it needs to be registered?

Please advise at the earliest.

Thanks

Wisdom

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8 Replies

Shantilal Pandya ( Advocate) 14 March 2012

simple procedure to be preffered ,

get the property transfereed in the name of The Partnership Firm for value recieved and thre will be no problem threafter for any change /devlopement etc . .

Shantilal Pandya ( Advocate) 14 March 2012

simple procedure to be preffered ,

get the property transfereed in the name of The Partnership Firm for value recieved and thre will be no problem threafter for any change /devlopement etc . .

Wisdom (Manager) 14 March 2012

Thanks Mr. Shantilal for the prompt advice.

However there are some lenghty procedures to be followed in converting the land into NA so that it can be transferred to firm's name.

In the Interim to carry on Business, please suggest measures to be taken for development / changes, etc.

Await your revert on the same.

Thanks

Wisdom

Adv.R.P.Chugh (Advocate/Legal Consultant (rpchughadvocatesupremecourt@hotmail.com)) 14 March 2012

If the land though initially in the name of A was brought into the hotch potch of partnership property and this fact is evidenced in the partnership deed too - you need not worry as - superstructure goes with the property, however to rule out false denials later, you would be at much safer ground in transferring the property in the name of firm.

1 Like

Shantilal Pandya ( Advocate) 14 March 2012

1 Like

Shantilal Pandya ( Advocate) 14 March 2012

Originally posted by :Shantilal Pandya

it appears that the agricultural land must have been purchased in the name of one individual who is an agriculturist , If you intend to use the land for N.A.purpose ,you will need N.A. permission for its devlopement even when it is running in the name an individual , in that case also N.A. Permission is a must , it is not now lenghty procedure for conversion of the land , in some states the time limits have been fixed for conversion , in gujarat conversion procedure is relaxed to certian extent and it can be rgularised later on within certain time .