Can we form a LLP company together with an agricultural land owner as one of the partner?

Respected sir/madam, We 4 partners are planning to form a LLP company and enter a real estate venture at the outskirts of Mumbai- Maharashtra. One of the (sleeping) partner is the owner of the agricultural land (his contribution towards the company) and rest 3 (active) partners would bring in funds to develop the project as well as will be responsible for the entire execution of the project. So our query is, 1). Can we undertake such venture and an agricultural land owner can become a director of the company in exchange of his contribution of land to the company? 2). We have mutually agreed that, we will make an agreement or sign (MOU), that says that, as company will start selling the land of the project, it will make the payment to the partner who owns the land at pre decided rate (mentioned in the agreement). And gradually as revenue is generated, we will make the total payment to the land owner against his contribution and will relieve him from the ownership of the company. So can this entire arrangements be legalized and made binding to all the directors as per the MOU signed and agreed upon by all the parties.? 3). Is it necessary to register land on the name of the company? Or we can keep it in the name of the partner who brings in the land, and as company sells small parcels of the land to the final consumer, it can directly transfer land on the name of final consumer and share revenues among the partners? So as to avoid double registration and stamp duty charges. WE ARE AT INTIAL STAGE OF COMPANY FORMATION SO SEEK GENUINE ADVICE. AND ONCE WE START THE PROCEDURE, WOULD SURELY LIKE TO APPOINT COMPETENT AND GENUINE LAW FIRM TO CARRY OUT ENTIRE PROCESS. Thanks and Regards. Mit Shah