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Splitting of joint family owned flat during redevelopment of building in Mumbai

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Splitting of joint family owned flat during redevelopment of building in Mumbai

Last updated: December 10 2018
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  • Splitting of joint family owned flat during redevelopment of building in Mumbai

    Hello,

    We are a joint family consisting of 3 share holders of equal share of a 970 square foot carpet area flat in Mumbai. Our building may go in to redevelopment soon and all of us are in support of it. Different builders are presently being contacted to explore options but we have not yet finalized one.

    Given that we are a joint family, we would like to, as part of redevelopment split into 3 flats instead of one single flat. I wanted to know if builders tend to agree to this scenario where they treat each shareholder as an individual household. This way we each get a flat proportionate to our share as part of redevelopment. And if one of us doesn't want to get a smaller flat, he would be able to give up and sell his share to the builder and buy a flat elsewhere.

    Additional question:

    How much additional space can one expect as part of redevelopment.

    Is there an option to take money and give up the share of the flat instead of waiting till redevelopment completes.

    Your valuable inputs are sincerely appreciated.
  • #2

    #2

    Re : Splitting of joint family owned flat during redevelopment of building in Mumbai

    Originally posted by radnus1987 View Post
    Hello,

    We are a joint family consisting of 3 share holders of equal share of a 970 square foot carpet area flat in Mumbai. Our building may go in to redevelopment soon and all of us are in support of it. Different builders are presently being contacted to explore options but we have not yet finalized one.

    Given that we are a joint family, we would like to, as part of redevelopment split into 3 flats instead of one single flat. I wanted to know if builders tend to agree to this scenario where they treat each shareholder as an individual household. This way we each get a flat proportionate to our share as part of redevelopment. And if one of us doesn't want to get a smaller flat, he would be able to give up and sell his share to the builder and buy a flat elsewhere.

    Additional question:

    How much additional space can one expect as part of redevelopment.

    Is there an option to take money and give up the share of the flat instead of waiting till redevelopment completes.

    Your valuable inputs are sincerely appreciated.
    General trend is 25% extra space (varies from 15%-45%) and small contribution into corpus of 2-10lakhs per apartment, however it depends on locality, fsi used etc etc.

    You can sell ur share to other family members through mutual consent.

    Builder won't divide and make multiple allotment, for him it's just one unit...

    Unless he is making studio apartments, he can allot 3 units instead of 1...

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