1) plot can be purchased in joint names .

2) since you want to take bank loan for development of property it is suggested that you check with the bank amount of loan that can be sanctioned in your names .

3) for carrying out any structural alterations in building consent of co owners is required .

4) you can register the individual floors separately in your names .

5) dont mention any lock in period for sale. you can mention that in case any co owner desires to sell his share first right of refusal would be for the other co owner

1) it is advisable that partition deed be entered into between the co owners for division of property by metes and bounds

2) it should be duly stamped and registered .

3) co owner can his share to third party by sale deed

1. The land can be purchased in joint names and sanction for thr construction can be availed jointly. The Bank loan also can be availed jointly,

2. Both the parties can construct individual floors from the Bank loans availed by them either jointly or individually,

3.An agreement can be executed by both the parties stipulating that no alteration/addition to the construction will be made by either party without the written consent of the other party,

4.& 5. This is not as per law. You can not prevent anybody from exercising his fredom to act as per law which includes selling of his properyty. However, in your case, you can include the clause of pre-emption i.e. if any party wants to sell his portion to a third party he should offer the property first to the other party for sale at the same price which has been offered by the third party,

6.Yes, he will get the ownership of his floor and the share of the land owned by its seller.

1. One can sell what he has to other,

2. In this case the buyer of the floor of one party also will get his share of the land,

3. However, if it is not partitioned and demarcated, then a partition deed shall have to be executed by the co-owners,

4. It is suggested that right from the begining, the area of the land is divided and demarcated between the joint owners and mentioned in the deed,

5. It will save both the parties from future problems, if any.

1. The ownership can be joint and so can be the bank loan.

2. The individual floors can be registered separately in your respective names.

3. Once the property is registered individually you cannot stop the owner from selling his share. The right to sell is inherent in ownership. However, this does not stop you from entering into an agreement to offer the first right of purchase to the co-owner in the event of sale by the other co-owner.

A partition deed should be drawn up to clearly demarcate the area of land. This would obviate the problems which may emanate in future at the time of sale by either co-owner as the area of both co-owners will be identified and demarcated.