I am residing at Hyderabad in my fathers house along with my mother & my family. I am the only son in the house. Now I want to go for a development of the property with Renovation of our house, but the documents are in the name of my father & it is a Company given property to my father. I have 3 elder sisters also. Now my sisters are preasuring my mother to sale the property. Now I've 2 options, like 1. Sale of my house 2. Handover to a builder & recnstruct a building. As I cannot afford money for my self & go for own constuction.
Kindly advise me the Legal Points I've to follow, if I handover the house to a builder for reconstruction?
Asked 2 years ago in Property Law from Hyderabad, Andhra Pradesh
you have not mentioned whether your father is alive or not . whether he died intestate or left a will . if he died intestate on his death you only have 1/5th share in property . for redevlopment of property you need consent of all legal heirs . if your sisters want house to be sold it is better to do so . sell the house give your sisters a share and then plan for purchasing another property with your share . in alternative you can buy out your sisters share
Assuming that your father was no more living, in that case you first change the ownership of the property from your father's name to legal heir/s name. Then go for sale on the basis of joint- ownership or let the property put on redevelopment scheme, in that case, the ratio of sharing usually 40%(owner's) :60%(developer's).
Is your father alive? If yes, then the property can neither be sold nor renovated without his consent as he is the owner of the house. If your father is deceased and he left no will of his own then you are an owner to the extent of 1/5th of property which you can develop or sell only after the property is divided among all the surviving heirs of your father. Without division the property cannot be sold. It also cannot be redeveloped without the written consent of all the heirs. If your sisters are willing to sell the house then it will be in your interest to sell it.