I don't think that would be possible as there are 3 different properties registered in 3 different people's name.
In the deed the seller will mention the cheque amount paid to each buyer and the TDS he will deduct.
Currently there are only two options available with them either invest in bonds or purchase a flat if they want to earn higher return pay the tax and invest elsewhere.
Yes account payee bank draft can work or electronic transfer. Yes in DD you have to mention in whose favour you are making this DD. Account payee cheque or DD would do.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.