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Joint family again


Joint family again

Last updated: January 7 2008
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  • Joint family again

    Myself, my brothers, sisters and some close friends are planning to stay together in future, somewhere in Greater Noida or faridabad or any other NCR of Delhi. I would like to know how we can build property together (such as flats) ensuring each person is able to register his flat in his name. I believe, co-operative system may be answer to this, but I further understand that everyone can't go for it as it is provided by the individual development authorities.
    I am totally blank about it.
    Can someone advise if it is possible to buy land and build own building having flats which are possible to be registered in individual names.
    (Buying many flats together is another answer but earlier option may be cheaper.)
  • #2


    Re : Joint family again


    well u can form a co-operative society of u r family members and purchase land in the name of the registered society. The family members will be d shareholders of the society. now the society will be held by ur family members and the members will be holding the constructed property in their individiual names having flexibility to sell the units by taking an NOC from d society.
    Either u can register the building under an Apartments ownership act.
    Either u can form a company, hold the property in the name of the company and issues shares to u r family members, when some member decides to dispose his share of property then only the shares have to be transferred, this way government duties can also be avoided.
    better consult a good advocate, hope this helps


    Have any questions or thoughts about this?