Please Help: contribution in kind by a shareholder

A piece of land is owned by an individual. The said individual wants to join a private company and wants to contribute his land as capital into the company. Whether registration is required of this transfer under Registration Act?
Further, the company intends to construct a few flats on the land and sell out. Is it correct under law that the concerned individual executes the sale deeds in favor of the buyers of flats and the consideration is received by the company?