REGISTRY OF PROPERTY-purchased a plot along with my friend
2 years ago
I purchased a plot along with my friend and got the same registered by paying fees and stamp duty. Since I wished to purchase a single floor out of the four planned to be built on the plot, the plot registry mentioned my share in plot as 25% and that of my friend as 75%. Now, we have constructed 4 floors + stilt parking on the plot and now i wish to get one of the floors registered in my/my spouse name. We have also obtained Occupation Certificate from the authority. Now, i wish to know how i should go ahead about registry in order to make the title of my floor clear with respect to other three floors. Also please tell whether i can register the floor in my name considering that i myself am an owner of the plot in 25% capacity. If not, Is it possible to transfer the floor registry in my spouse name via a gift deed ?? Does paying stamp duty during the plot registry have any consequence on floor registry if done in my/spouse name ???
My primary concern is that i should not face any difficulty in selling off my floor at a later date if need be.
Awaiting for your response at the earliest.
Once you have constructed the flats on the land they you and your friend have become the owner of the flat in the same ratio as as your land ownership. You can have ana agreement among yourself segregating the flat and then later on get the flat registered to your names. You can also sale or transfer the flat to anyone else depending on the agreement.