I have recently inherited 2 floors of a lease hold (DDA/L&DO Lease) property. This is a 3 floor property and is located in NCR. Recently, a builder has approached me and offered to rebuild the property after he has acquired a floor (i.e. excluding my 2 floors) from my brother’s share.
He is suggesting that I could either opt for collaboration or to sell my share of the land to him. According to him I have only 50% share in the land, even though I have 2 floors of a 3 floor property/building (residential dwelling). I stay on one of the floors with my family.
His proposals are as follows:
a) Market rate for 50 % land
b) He would rebuild the property at his cost. He would retain 2 floors and basement. And he would give me2 floors and some consideration (cheque amount). The consideration amount is only 5-10% of the profit he is likely to earn after incurring the cost on construction.
My questions are as follows:
1. Am I entitled to only 50% share in the land even if family settlement gives me right to 2 floors but, is silent on land share?
2. What should be a fair deal for me?
3. Can he sue me for partition or force me for arbitration?
4. What else should I do to save myself so as to continue staying in my share of floors? Alternatively what should be a fair deal being offered by the builder?