Memorandum of family settlement

I need advise regarding memorandum of family settlement Deed. I am from madhya pradesh. We live in a joint family. Because my father and his brother has good bond and trust they have purchased property on sole ownership some on my father name and some on my mother name some on my uncle name and some on my aunty name but shares are equal between all parties . But because now the difference between the value of property is too much to avoid any issue further . We need to draft something legally which would be binding and also we don’t want to pay any stamp duty for the registration of property because that would be too much for us. My father and uncle has decided to distribute each property of all the members to their children in x ratio so that there is no difference further . I have heard of this memorandum of oral recording family settlement. I want to know is it okay to draft this family settlement in favour of children of both brothers jointly and equally instead of distributing among the brothers equally so that we don’t need any will for the same. Does family settlement give right to nephew and niece also as in our case my uncle is giving share of his property to me also. We planning to get it notarised on 100 rs stamp paper. Will that be okay ???