I had purchased a 750 sq feet flat in the second floor of the building in 2001.It was constructed in 1994 and construction materials used for this building appears to be of inferior quality.As my flat is on top floor and due to low quality of materials used for the construction,my flat is leaking during rainy season .Since 2001,I have spent lot of money for repairs to stop the rain water leakages.Few water pipes passed through the terrace of my flat for which a separate cement work is done to conceal the pipes.Other occupant did not allow me to get it repaired with the fear that they will not get water after the repairs.Now,entire building is in bad shape,no wall painting since 1994,everybody's flat is leaking either from roof of second floor flats and from bathroom / lavatory of upper houses.Out of 16 flats only 3 owners are living whereas other owners are living in distant places and rented out.One of the tenants staying in first floor is always creating problems whenever there is any proposal to repair the building by sharing the expenses.So,nobody is coming forward to take any initiation to repair the building.This apartment is located on the prime locality in Hubli city.The approximate cost of the repairs and renovation is estimated at Rs.3 to Rs.4.00 lakhs.
Now a builder has come forward to repair the building at his own cost if we all the owners permit him to construct third floor and he wants all the present owners to sign the agreement.He is willing to install a lift facility for the building,replacement of pipelines,drainage system and painting of entire building.I have been called for the meeting.Cost of a flat measuring 750 sq feet is around Rs.25.00 to Rs.30.00 lakhs in this area.
In this connection,kindly guide me and inform me what will be the consequences and what additional monetary benefit / other benefits conditions we can put to the builder before we agree for his proposal
