Dear Friends,
Required urgent help
A,B & C have got title of a property admeasuring 1200 sqft. from their father vide registered gift deed. A, B & C are now co-owners. They now intend to build three floor residential mansion in this site and hence approached the bank. Bank is fine giving loan provided A, B & C enter into a partition deed.
Question
1) A, B & C wants to now apply for a sanctioned plan in joint names and then enter into a partition deed for loan purpose. Is it fine to enter into a partition deed subsequent to receiving sanctioned plan? Whether the sanctioned plan received before partition in joint names lose its validity after partition?
2) A, B & C have decided to construct three floors post partition based on the sanctioned plan and to own the respective floors in their names (utility and common areas will be common ownership).
Eg:- A owns first floor, B owns 2nd floor and C owns 3rd floor. A & B renounce ownership in C; B & C renounce ownership in A and A & C renounce ownership in B
Should the above understanding be incorporated in the partition deed or the mere mention of UDS is enough? The UDS for 1200 sq.ft. comes to roughly 400 sq.ft. per owner.
Thanks for your help in advance.
Regards
SV
