Registration of Agreement

Dear Sir/ Madam, I have a land of 33(W)X200(L) feet at my village and adjacent to me another person is having a land of 47(W)X200(L) feet. In-between the two properties we are planning to make 14(W) feet road. I am planning to leave 3 feet from my property (total 3 X 200 = 600sqft) and the other person is leaving 11feet ( total 11 X 200 = 2200sqft) for the road. we are planning to give this road (14 X 200) to village panchayath. Considering the equal sharing, I have to pay back the money for the rest 4 feet (4 X 200 = 800sqft) to other person. The process of leaving this road from our property will take some time in village panchayath. before this we are planning to have an agreement so that this land is the property of village panchayath and both will have the rights to use in future. Further to this agreement I have to pay him 800sqft equivalent money. As I understand the agreement is valid for only 11 months. So some of my colleagues are suggested to register the agreement so that it will be valid till the road is handed over to panchayath. Request your advise on registration of agreement and its validity. Thanks Mallikarjuna YH +91 70 222 77 576