Mumbai redevelopment of a private property in dispute
We are 3 equal shareholders of a private property -all of 1 family. I am in favor of giving our property for redevelopment to a builder -we also had talks with a couple of builders too in this regard. The 2nd shareholder (my cousin) is also in favor of redevelopment as it gives us profit both in terms of new house area sq. ft as well as some moolah but at the same time, is also happy with status quo though he said he prefers redevelopment more than status quo. The problem is with the 3rd one -they are completely against redevelopment.
Now if 1 out of 3 shareholders in the agreement of the existing building and plot don't agree for redevelopment, can he hold us ransom like this by not letting us do what we want to do? Any solution (legal, may be)? Family negotiations/talks have already failed. Its basically decades long dispute between our families (kahani ghar ghar ki type). He's adamant and I am afraid he's actually buying time that I get fed-up and sell my share and then he will go for redevelopment and get my share of profits as well.
If I just sell my flats in the existing building and retain my 1/3rd share of the plot, it would be the new owner of my flats who would get the profits of a possible future redevelopment and not me. Can I, then, choose to not give my consent to redevelopment as I would continue to retain 1/3rd ownership to the shared plot?
I am stuck because we can't live in our flats (due to animosity with our extended family) and neither can I sell my flats bcoz. I will end up losing profits if my cousins go for a redevelopment after my sale. If I sell my flats now, I'll get price of just the flats and not for my share of my plot. Also if a redevelopment occurs, we would get bigger flats so I will lose even more.
What should I do? The 3rd stakeholder is keeping us hostage and we are left like puppets in their hands, feels awful!