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Ramesh   28 September 2022

Ownership after reconstruction of property

My father passed away 2 years ago, and left myself and my brother a property via a registered will. The property is till now in my fathers name.

Now, we are planning to have it constructed by a collaboration agreement with a builder. 4 flats will be constructed. Since I had been living in the property with our father, my brother had agreed that I will own 2 flats and he will own 1 flat and the last one will be given to the builder.

I fear that he might try to extort money out of me later under influence of his wife, asking for another half of the flat, when the existing house has been demolished.

1. What steps can I take to make sure that neither party can go back on their word once all construction agreements have been signed and registered?
2. Should I ask my brother for a partition deed before the construction agreement? After construction I will have 50% and my brother 25% in the plot, so should the partition be done in similar proportion, that is 67% and 33%?

 



Learning

 3 Replies

kavksatyanarayana (subregistrar/supdt.(retired))     28 September 2022

You, your brother with the builder shall execute a Development Agreement, in the agreement you shall mention the allotment of flats to each one (for you, your brother, and the builder) with the extent in the undivided site.  

P. Venu (Advocate)     28 September 2022

The property i already vested with you and your brother. Both of you join together and execute a comprehensive development agreement taking care of all the aspects.

Shashi Dhara   29 September 2022

After register it .


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