Our builder while constructing our society's building 43 years ago built the same while also encroaching on a small piece of land from our neighbouring plot. This came to light only this year when we decided to go for redevelopment and got our plot surveyed by the CTS office. Our neighbours themselves never knew this. Now the CTS office has said that our actual plot is less than what we are occupying from last so many years and that we must get the encroached piece of land conveyed on our name either under adverse possession thru the court or by buying the same from the actual owners in order to enjoy full FSI.
We have contacted the owners who said they are willing to convey the said piece of land on our society's name provided they get the market rate for the said piece of land - which comes to around 4 crores....
Our Society is a lower middle class one and doesn't have that kind of funds...
So what's the way out?
Can we go to the court and get the ownership transferred on our name without paying anything to the actual owners? How many years would it take ? What will be the cost of litigation?
Please advice.
