Legal Question in Real Estate Law in India

I have a scenario which could be described best in points:

* We (a group of 5 friends) buy a site

* Build an apartment in that land containing say 8 flats

* Keep one flat for each one of us and sell rest of the flats (3).

* The amount got from setting 3 flats would be divided within 5 of us.

Now, is it possible to register the site in the name of all 5 of us?

If yes, is there any legal problem while selling those remaining 3 flats to others? Or while re-selling such flats in future? What is best way to achieve such a setup?

Thanks in advance!


Asked on 7/01/14, 11:46 pm

2 Answers from Attorneys
Fca Prashant Chavan Expert Edge LLP

02.07.2014

Dear Sir / Madam,

The 5 of you should register a Partnership firm or a limited Company and purchase the site in the name of the firm / Company.

Regards,

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Answered on 7/02/14, 7:18 am
Bhagwat Patil

It is possible.You can buy a site it should be NA plot. If agricultural land all 5 should be agriculturist. Register the partition deed after completion of building in each name for 5 flats.and remaining 3 for common undivided share.you can sale it.

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Answered on 7/02/14, 5:46 pm


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