Family settlement/Gift Deed for the sons after the Father signing a Joint Development Agreement

Given that the father has entered into a (registered) Joint Development Agreement on a 2000 square yards land with a Developer, can the father settle or gift his two sons either a part of the land (500 square yards each) itself or a percentage of landowner share that is agreed in the Development Agreement with the builder? If yes, how can it be done? More details: Landowner (Father) has 40% proportionate share of the super built-up area of the land that is handed over for development (some land area of the landowner will be exchanged for TDR due to road extension). It is not an ancestral property. The development architectural plans are not yet ready and the requirement is to settle/gift before the final supplementary agreement is done (where the landowner would know exactly the number of flats and all other details with respect to the super built-up area). The father and sons are willing to execute the supplementary agreement with the developer once the plans are agreed. Developer has no concern that the father is settling the property to the sons and is willing to comply.