Can a brother transfer his share in father's property to his sibling

Hello. My father holds a share in a housing co-operative society that has acquired a land from HIDCO Action Area 1 at New Town Rajarhat and constructing an apartment there. We are two brothers, my elder brother is willing to give up his share, so he will not have any rights after demise of my father on the property being constructed, in exchange of half of the current market valuation amount that we have already analyzed and agreed upon. I am taking care of all expenditures for the construction. I would like to understand how this agreement between two brothers and my father can be legalized through paper-works. Please suggest.