We are looking at purchase of an apartment. Apartment is constructed through Joint Development Agreement
between building and land owner. Land was obtained by Mr.X through Land Tribunal. Mr. X has two wifes W1, W2.
W1 has 4 sons (W1-S1, W1-S2, W1-S3, W1-S4) and 1 daughter (W1-D1). W2 has 2 sons and 2 daughters (W2-S1, W2-S2,
W2-D1 and W2-D2).
Second Wife's son and daughters have given no objection letter for the claim against the property.
This is done in stamp paper but not registered. This means W2-S1, W2-S2, W2-D1 and W2-D2 have given no objection.
Similarly First wife's daughter have given no objection letter for the claim against the property.
This is also done in stamp paper but not registered. This means W1-D1 have given no objection.
Two sons has split the land and executed the release deed. This means property is split into two P1 and P2.
W1-S1, W1-S2 has taken P1 and given release deed for P2 to W1-S3, W1-S4. Similarly W1-S3, W1-S4 has taken P2
and given release deed for P1 to W1-S1, W1-S4.
This would technically mean P1 now is owned by W1-S1 and W1-S2. Now they have entered in joint development agreement
with Builder and have constructed 32 apartments in P1. It was split into
W1-S1 --> 8
W1-S2 --> 8
Builder --> 16
Now we are trying to purchase one apartment from W1-S1. We have approached one bank for loan. For legal clearance
bank is asking for registered release deed from all the legal heirs of Mr.X. Owner (W1-S1) says it is impossible
as getting signatures from the different parties at sub-registerar would mean they would want some additional money.
Because now the value of property has increased as the land is now converted into apartments. He also says, 16 flats
owned by the builder has been sold and is approved by legal councils of banks they have approached.
Now legally the question i have is
Is no objection letter provided by other legal heirs not suffice? Is it really required to have a registered release deed?
If that is the case, how did other legal council of other banks approved this?
