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Muhammed Puthukkattu   20 December 2017

Registering each floor of a comrcial bldg to individuals

Hello Mam/Sir,

I am constructing a three storied commericial shopping complex in a plot of land. The full ownership of land is in my name. I would like to provide the ownership of each floors of the building (ownership of the building only, but not the land) to my children. Can you please advice the legal implecations?

 1) Is it a valid transaction by transfering ownership of one floor only (without the land ownership where building sits)?

 2) Should I do the ownership transfer berfore applying the new building number from the city?

 3) What would be long term implication, if I want to sell the land?

Thanks in advance for your support

 



Learning

 1 Replies

KISHAN DUTT KALASKAR (Advocate)     20 December 2017

EXPLANATION OF SECTION 44 TPA, 1882 ( With reference to Section 4 of the Partition Act, 1893)
Section 44 says -
Transfer By One Co-Owner- Where one of two or more co-owners of immovable property legally competent in that behalf transfers his share of such property or any interest therein, the transferee acquires, as to such share or interest, so far as is necessary to give effect to the transfer, the transferors right to joint possession or other common or part enjoyment of the property, and to enforce a partition of the same, but subject to the conditions and liabilities affecting, at the date of the transfer, the share or interest so transferred.

 

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