Redevelopment Issue in Excess Area
Hello everyone.
I'm facing a situation with our apartment complex and looking forward to your opinion..
Our complex, built on nearly one and half grounds of land, has four flats each owned by different individuals. Each of us holding a 25% Undivided Share (UDS) but the issue is, our flats are different sizes. My flat is the biggest of them all, with roughly 120 sq ft more than the others. The houses were constructed in a phased manner and by different contractors, hence the irregularity in sizes.
We're now planning to redevelop the property. In a meeting last month, it was determined that all new flats under the proposed new building should be the same size, meaning I won't get any extra area in the new flat despite having a bigger area now. While I understand the need for bringing parity to the sizes and for keeping the floor plan uniform across all floors, I feel it's fair to be compensated for the additional area that I own rightfully and I've been paying taxes on for all these years. However, some of my co-owners disagree, saying the redevelopment should be based on UDS, not the individual flat sizes.
I've consulted a few builders who agree that my plea seeking cash compensation for the excess area is valid and justified and are ready to offer the same, but my co-owners are still reluctant.
I'm reaching out to ask for your guidance. How can we resolve this issue fairly, taking into account the excess area in question and respecting the need for bringing parity to flats?
Really need guidance about what are the ways out! Any advice is appreciated, thanks in advance.
Note: The excess area is duly recorded in the registered sale deed and I've been paying property tax for the same.
Thank you for reading.