release deed formalities and procedure
1) Our building is 50+ years old with 8 owners for 8 apartments. The land area is 14896 sq ft ( 6 grounds 496 sq ft)
2) The owners have decided to pull down the building and move to the next step for decision making concerning alternatives.
3) Logically each owner should get 1/8 share ie 1862 sq ft
4) some owners want the land to be disposed of, get cash and buy new property
5) There is also an opinion to hand over to a builder and get new apartments with or without extra cash
6) In my case alone I want my portion of 1862 sq ft to be carved out and given to me for me to construct an independent small house – I want the others to decide on how to go about the rest of the land 13034 sq ft.
7) Is this legally valid / do Govt land rules and MMDA rules permit and can it be done ?
8) If I can get my portion of 1862 sq ft seperately for individual construction, for those who want land to be sold (say 3 owners) – can a portion of the total land (3 x 1862 sq ft) 5586 sq ft be sold leaving the balance of 7448 sq ft of 4 owners be handed over to a builder for development of apartment complex