Upgrad LLM

urgent advice needed

Manager

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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Advocate

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 . .

 
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Advocate

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 . .

 
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Manager

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

 
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Advocate/Legal Consultant (rpchughadvocatesupremecourt@hotmail.com)

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. 


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Advocate

 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 


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Advocate

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 .

 

"
 
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Manager

Many thanks Mr Chugh & Mr Shantilal for your valuable inputs.

So the conclusion to be derived is Transferring the property in the Firm's name is the best option. 

In the Interim to safeguard interests of other partners for any developments/structure, which should be the best legal option:

1).Separate agreement / supplementary deed. ( Suggest whether registration is required or no)

2).Ordinary undertaking / Written statement on Company Letterhead signed by all partners.

OR  Any Other, please suggest.

Best Regards

Wisdom

 
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Manager

Dear Experts,

Can you Pleeeease!! advice on the above Query, since we need to proceed with the development  of the Partnership property.

Await your feedback & inputs.

Sincere Thanks

Wisdom



 
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