1)your father can sell his undivided share in property to you
2) you can then file suit for partition for division of property by metes and bounds
3)under section 44 of transfer of property act co owner cans ell his share without consent of other co owners
4) dont wait for long time . file partition suit during father lifetime
5)your father can execute gift deed for his share of property in your name
6) hibanma registration is not necessary but if father executes hiba nma in your name advisable to register it