1) Best option is go for joint venture for your father's particular share of 3 cents that is only good for you.
Development of a share of ancestral property
There is an ancestral house in the name of my maternal grand father. My father is one of the 5 children. The grand parents have expired and the children, including my father, are the legal heirs and have obtained legal heir certificate. My father's siblings want to sell the house to a real estate developer. But my father does not want to sell and want to retain his share. Can my father give his share of land for development to the real estate developer while the siblings sell their share? For example, if the house is on a land of 15 cents area, can the siblings sell their share of 12 cents to the developer, while my father enters into a development agreement with the same developer for his 3 cents of land and takes a share in the constructed apartments? If yes, please let us know what kind of agreements are needed. Also, please let us know if we can enter into two kinds of sale deeds at the same time; one for selling father's share of 3 cents to the developer and the other sale deed for buying our share of apartments under construction from the same developer. Can this kind of agreement be done?
Asked 6 years ago in Property Law
Religion: Hindu
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10 Answers
Your father can enter into development agreement with builder for development of his share of land
2) your father siblings can sell their share to developer by registered sale deed
Other heirs can sell their share to developer through sale deed.
Your father can give his share for development.
Yes you can enter into two kinds of deeds if builder ready with the terms. As well as your father can go for partition suit in this case
See a joint development agreement can be made and registered along with a sharing agreement in which the developer shall mention the share of father in new developed building,
For family a partition deed can be made and registered demarcating the share in the property, other heirs can sale it there share and father can retain and give it for joint development.
The father can instead of taking money from the builder against his share, can agree to take new flats in the new building to be constructed
Your father can enter into a development agreement with the builder
before the allotment of new flat to your father, the builder and your father can execute and register a permanent alternate accommodation agreement, by which the new flat will be allotted to your father
The possession can be handed to builder when he obtains the sanctioned building plans and commencement certificate from local body
Once building plans are approved, your father can earmark the particular flat in the new proposed building for allotment to him and then parties can execute the PAAA as above and simultaneously on registration of that agreement, possession can be given to builder to commence redevelopment work
Hi,
It is better to have a development agreement with ownership right of builder/developer for 99 years and retain part of the developed portion.
Dear Client,
This can be done by joint development agreement between your father and builder. And if builder dose not agree, he cannot be forced to sell his share.
Such agreement is not feasible, better execute JDA only.
Maternal grandfather's property? then how your father can become his legal heir?
Well, if your father do not want to sell his share of property then he can refuse to do it, however going for development agreement with the builder is his own choice and desire, no one can force or compel him to do so.
No dont go for such an agreement because that has no validity once he sells his property, subsequent purchase is not guaranteed even by an agreement
- As per the information mentioned in the present query, makes it clear that all the legal heirs are having their separate price of land in their favour.
- And it makes sense that everyone can treat their share as per their own convenience, problem normally arise when there is a join property and it is difficult to bifurcate the same, but here, the condition is for the separate piece of land.
- And in the same sale deed there can be a clause tothis effect that you are getting a property in lieu of the sell of the other.
- This is the agremeent prior to the sale deed, also known as Agreement to sell.
