Right to Sell My Share in the flat of co-op hsg society
Hi,
I wanted an expert opinion regarding the right to sell the share in the flat.
My late father had ownership flat in a co-op hsg society in Mumbai city. My brother and myself are the legal heirs. This year, the society has decided to redevelop the building. The area of the flat is 800 sq.feet. My brother has occupied this entire flat. The flat is still in the name (membership) of my late father with total five shares. The society will add my name and my brother's name as joint-members on the Society's record in coming days.
As I reside in other city and I do not have funds to purchase additional or allotted FSI. So want to sell my half share in the existing flat (old flat with 800 sq.ft total area) before the redevelopment starts/ or before the redevelopment agreement with the builder. My share will be 400 sq.ft (for sell)
My Questions are as follows:
1) Whether I have got legal right to sell my share (400 sq.ft) in the existing flat to third-party like other member or builder/re-developer before the redevelopment agreement with the builder, allowing my brother to continue to stay in the entire existing flat un-till the building is demolished by the builder?
2) If I sell my half share (400 sq ft) to the member of the society before the redevelopment, then will he (buyer) get the benefit of additional FSI given by the builder on that flat?
Asked 8 years ago in Property Law
Religion: Hindu