You have to complain to the BMC for demolishing these unauthorized constructions
That will obviously create a rift between you and the persons who would be affected by your complaint
I also suggest that the society engage a good architect and take a feasibility report for the proposed redevelopment and ascertain whether what the builder claims is indeed true or not
Having a feasibility report will bring in clarity and if there is indeed some redevelopment potential then the society will have an upper hand in the negotiations with the builder
If the report says that the extra constructions have consumed FSI more than the permissible FSI then no point going for regularizing of those additions since that will not change the FSI consumption status of the building.
The building needs to have consumed FSI which would be economically viable for any builder to provide to the society members in the rehab building alongwith other redevelopment benefits like incentive FSI and fungible FSI if the same are applicable depending on the regulation of the DCPR under which the building would be redeveloped
But first and foremost have the feasibility checked and ascertain what incentive a builder can get if he takes up your building for redevelopment