New Delhi, March 30 -- A landlord owns a property (comprising land and an independent house on that land) in Chennai as 100% owner now. He plans to retain 25% ownership and settle 75% of the said property to his wife and two children. Once the settlement happens, the said landlord, his wife and two children become joint owners of the said property with 25% ownership each.

After the settlement, the four joint owners plan to enter into a Joint Development Agreement (JDA) with a developer, under which each of the owners will get one home in return from the developer. (Note: Two of the owners already own one or two properties each, whereas for the other two owners, this will be their first property ownership.)

Under this JDA arrangement, ea...