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.