Property redevelopment
1 year ago
There is an Apartment complex of 90 Apartments at a prime area in Chennai. The same is over 40 years old.
A Builder has purchased around 13 Apartments and has now proposed to redevelop into an MSB of 14 floors at ratio 39:61 (39% for owners & 61% for Builder). An MoU has also been signed by around 50 Owners in 2021 (MoU indicates probable acquisition of one or more of adjacent Apartment Complexes by Builder) which will form as entrance to MSB.
A few people ( around 7 or 8), though accepting redevelopment, have not accepted the ratio of 39:61 but insists on 60:40 (60 for Owners & 40 for Builder).
1. Is there any mandatory stipulation of sharing ratio that we can legally insist from Builder?
2. Is it possible to leave these people out, and proceed with redevelopment as proposed by Builder, as per TN Ownership Act, 2022 ?
Kindly contact an advocate who is practising local laws and land laws. I hope this helps.
Please contact local advocate who is more accessible to local laws and accordingly you may take legal advise.
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