Build houses together by friends
Querist :
Anonymous
(Querist) 22 December 2011
This query is : Resolved
sir,
my friends, a group of six, have planned to purchase a plot and to construct six houses for their dwelling as flats by their equal monies. how to legalize this plan? some one advises them to register a house building society. but they think that their rights should be equal and not make this plan commercially, only for their dwelling purpose. please guide them.
Raj Kumar Makkad
(Expert) 22 December 2011
It shall be better for them to execute an Undertaking vide which they clearly mention all terms and conditions and can distribute work for themselves as per requirement of the project of construction of dwelling houses and all related formalities liek necessary permissions etc.
Guest
(Expert) 22 December 2011
(1) In the sale deed, mention all of them as purchasers with equal shares (undivided shares of the property, ie., 400 Sq.ft., undivided share if it is 2400 Sq.ft., area);
(2) With regard to construction, they can execute a MOU (memorandum of Understanding)among themselves, in which all the conditions pertaining to their construction plan and other activities (like sewage system, carages, future developments....).
It's really good, if everyone does the same without getting cheated by Greedy Builders.
Deepak Nair
(Expert) 23 December 2011
I agree with the advise of experts.
really a great idea. I dont think formation of housing society is necessary. MOU by all the parties will be sifiicient since it will be private property owned by friends and the purpose is just residential and not commercial.
prabhakar singh
(Expert) 23 December 2011
Any formation of housing society is neither necessary nor can be formed as 6 is a short number.
A clear elaborate sale deed showing all intentions and the MOU is the need.
