I have a query on apartment redevelopment within Pimpri Chinchwad Municipal Area. Our apartment is 25 yr old, not dilapidated, no structural audit has been done as yet but our apartment members are pushing in for re-development due to a proposal received from a developer. Note that ours is an apartment and not a co-operative housing society.
The proposed developer is not willing to give any kind of security deposit or bank guarantee to the apartment owners, and I as a flat owner do not agree to give my flat without a security amount from the developer. However other flat members are saying they have 51% majority go ahead without developer giving any kind of security amount or bank guarantee. Do I have any legal re-course available to protect my flat and not agree to give it for re-development without any bank guarantee or any financial security instrument by proposed developer?