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Real Estate Group Buying : Is it possible to create a co-operative in order to buy some plots in India ?

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Hello to every one,
I am willing to buy with my friends 10 or 15 plots in India. This is an investment project and we are planning to sell back those plots after 5 or 10 yrs. Is there any possibility to create a co-operative or co-ownership system in our Indian law?
Thanking you in advance for your advices.
GunaRam

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