The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions shared in an article in the following Q&A which was published by the Mint Newspaper on 03rd March, 2021 and the online edition of the same can be found here.
We are three brothers who inherited a freehold property in 2003 through a duly registered will. We got the property mutated in our joint names with the municipal authority for payment of annual property tax, jointly. We decided to rebuild it into three dwelling units. The Municipal Corporation of Delhi (MCD) sanctioned these plans, and we have obtained the completion certificate. We entered into written family agreements for the partition of our shares by draw of lots. However, some disputes arose before its enforcement, which were settled through the mediation and reconciliation centre (MRC) of the Delhi High Court. This memorandum of understanding (MoU) is the agreed settled ownership. We got our shares registered individually with the MCD and have been paying property tax.
To get our rights of individual titles, do we have to get it registered with the sub-registrar? If so, is stamp duty payable?
Where would the ownership records be available after our deaths if the property is not registered with the sub-registrar, but the registration has been done with the municipality?