We are 3 partners (of an extended family) in a plot within a co-op. housing society, each of us has equal 33.33% (1/3 rd) share in the plot land, the 3-storey building (one storey for each of us) in a co-op. housing society, in a Mumbai suburb.
While I am eager to go for redevelopment of our property, which would involve demolishing the current structure and constructing a new building as per the increased FSI, the other 2 are not interested.
My query is: What if, in the future, 2 out of the 3 partners are ready and the 3rd is not ready for redevelopment, can the 2 interested parties force it on the 3rd to go for redevelopment? As far as I know, in a co-op. housing society, 75% of flat owners have to agree for redevelopment. But ours is a private owned plot in a co-op housing society so what are the rules for a private plot?
Also, the current building is already 35+ yrs old so in future (say 20-40 yrs down the line), when the current building becomes dilapidated/unfit for living, and still there's at least 1 reluctant partner (who stays abroad) not agreeing to redevelopment, then can the interested parties living in the building force redevelopment as it their home?
In the unfortunate case, that the dispute continues and years pass by and the current building becomes so old that it collapses naturally, and even then 1 of the partners, living abroad, is reluctant to go for building a new structure, he says he won't put funds in coz. he doesn't live there but wants to hold his share in the plot and not allow other partners who were living there to build their new home, then what will happen? What does the law say in such cases of dispute when all that left is the plot land and the structure has collapsed naturally (or is in a very bad state of neglect due to the dispute between the partners)?
None of us wants to also sell his share of the plot as there's opportunity to reap significant benefits out of it, with the increased FSI current available as well as even more FSI coming in the near future.
All of us are Hindus.
