Hi, My Father-In-Law has a plot of land in Bengaluru and an old house. Currently we rae thinking of demolishing he whole building and construct a new 3 floor building and my FIL will give it as a gift deed to his 3 daughters each one floor. For constructing the 3 floor building it is costing approximately 25 lacs for each floor. As of m=now my financial status is not that good to take 25 lacs for my floor and get this building constructin dome. Hence, i'm asking my co-sister to construct their 1st & 2nd floors and give me the 3rd floor registered in my name. So that, I can do my 3rd floor house in future as & when I'm feeling financially capable. Can this way out be done?
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1)it is better you take loan and construct 3rd floor
2) there is no guarantee that your sisters would permit you to construct 3rd floor in future
3) even if you have rights for carrying on construction on 3rd floor consent of other co owners would be necessary for carrying out construction
4) municipal corporation would not sanction your building plans nor permit you to carry on additional construction without written consent from sisters
1. Since it is personal arrangement the terms of agreement can be varied with the consent of all stakeholders.
2. So of the other two sisters agree the arrangements can be made on such terms.
3. moreover since your FIL is the owner he can very well decide to allow you to construct at the very end on the roof of second floor.
4.So act accordingly.
1. It can be done in the way suggested by you.
2. Or else it can be done the other way also. All the three of you can join together and avail housing loan together for the 3 floors after getting the Gift Deed executed by your father-in-law in his 3 daughters' names in respect of his property.
It can be done in the way as suggested by you since this happens to be a personnel arrangement between you all and accordingly you can have your own terms.
Regards
1. It is not the procedure.
2. Ask your father in law to gift the entire plot along with the old house jointly to his three daughters.
3. Thereafter all three daughters should enter in to an agreement with a developer for construction of a multistoried building consisting of 3 floors being one floor for each one of the sisters and specifically the third floor in your name.
4. It will be mentioned in the said development agreement that he will construct two floors for the other 2 sisters now whereas your wife will get her floor constructed later on for which she will enter in to a separate agreement with the same builder or a different builder of your choice.
5. This way you shall be involved with the total project of construction of the 3 storied building including the sanction of the building plan but will have the liberty to construct your floor when ever you decide through the same builder or any other builder of your choice.
1. There is nothing illegal or irregular in the manner conceived by you. An agreement gives the latitude to the parties to agree on anything that is not illegal. However, it seems to be impracticable.
2. Better ask your father-in-law to execute a gift deed of the plot in favour of his three daughters, and thereafter 2 daughters can enter into an agreement with a developer to construct their two floors, whereas the third daughter can build her floor subsequently.
3. Get all the documents drafted by a lawyer so that your rights are preserved.
An agreement to this effect may be entered into by all concerned.
However the gift deed shall be in all the three daughters names only if all of them are to be benefited out of this gift deed.
Once the property is transferred by your FIL in favor of all his three daughters by executing a registered gift deed, subsequently all of them can enter into an agreement as per their desire to have each one constructed with a floor individually accordingly.
