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.
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 . .
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 . .
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
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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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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Originally posted by :Shantilal Pandya | ||
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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