Dear Experts,
We are 8 owners in an apartment which was purchased 29 years before. Now we want to re-develop the property as it has become old and incurs huge maintenance. When we go to the builder we found out from the documents that there is a 9th share of 10.1% in the undivided portion of land registered by the builder 29 years ago. The 9th share holder is alive and . for what purpose this was done by the builder is not known to us. further the 9th share holder do not have any dwelling unit, no property tax payment, no water tax , electricity connection, The 9th share holder does not pay maintenance or participated in any other the building activities for the past 29 years, just that share is in his name registered by the builder that time.
Now when we want to re-develop the property the prospective builder (new builder) is telling you should get the 9th share resolved before re developing the property otherwise it is a problem. Hence we approached the old builder and he is telling as it is 30 years old now the 9th share is among your 8 people and court verdict is all there in this respect. and no proper response even after repeated request. we have not approached the 9th share holder on the fear that he may demand price at the current rate or he may refuse.
Experts------ what other legal remedy is available apart from approaching 9th shareholder and the old builder for redeveloping the property, . Please give us a solution for this.
Regards.
