1. What procedure we need to follow so that each of us gets absolute freedom to dispose our respective share of land in the way we wish?
If the property was purchased jointly and now all the shareholders have decided to have separate possession of their respective shares in it, then a partition deed can be drawn partitioning the property into such equal shares as per the terms and conditions that have been mutually agreed among all the shareholders and get the deed registered so that each individual is becoming an absolute owner of their respective share in the property.
2. Can we sub divide the two plots admeasureing each 2700 sq ft. into three plots of 1800 sq ft. each?
It shall be based on the joint decision and on mutually agreed terms among the shareholders. You may take the opinion of a private surveyor or an engineer on this.
3. Can we sell our plot independently to the buyer of our choice?
The vendor, if having marketable title, can sell the property on his name to the prospective buyer.
4. The size of original plots were 2700 Sq ft. each. Now to construct independent house at 1800 sq ft. what kind of permissions would we require from the local body and the amount of fees involved in such procedure.
An engineer who may draft the contribution plan, along with an application for other formalities may be submitted to the local civic body which grants permission or approval for the proposed construction.
The fee and other details may also be clarified locally.
4. Can we build independent house on our plot i.e. 1800 sq ft. or we are allowed to construct only row house sharing side walls or any such other specified housing unit.
This wold depend on the approval of your plan by the authorities based on the prevailing law on this in that particular territory.