Dear Expert,
I live in a registered society that is only approx. 26 years old. Unfortunately, due to the poor quality of construction by the builder and ongoing leakage issues, repairs are no longer a viable option. Therefore, my society is considering builders for redevelopment.
My query is regarding an exclusive open terrace area.
I own a 2 BHK flat with an exclusive open terrace area on the first floor, with further details as follows:
- The local municipal corporation in Thane District, Maharashtra, has approved our society's plan, which includes this terrace.
- My registered sale agreement with the builder details this terrace, stating that I paid 40% of the actual FSI saleable price to purchase exclusive rights to it.
- I've paid the stamp duty and registration charges for it, and it's detailed in my Index II as well.
- This terrace is also mentioned in my property tax and my society's maintenance bill.
- Only I have access to this terrace through my bedroom, and I've been using it peacefully without any issues or complaints from others.
Can you please help me by sharing the common market practice regarding the settlement of exclusive open terrace areas in cases of redevelopment or self-redevelopment?
- Specifically, what percentage of the carpet area is generally offered in exchange - if a builder cannot or does not wish to provide the existing exclusive open terrace area with additional benefits, like for flats?
Thanks a lot in advance for your help!
