Tenants can't stand in way if owner wants to redevelop building: Bombay HC
"This limited right of a tenant cannot be expanded to eclipse- indeed, obliterate-the full rights of a property owner willing to undertake re-development," said the HC.
"This limited right of a tenant cannot be expanded to eclipse- indeed, obliterate-the full rights of a property owner willing to undertake re-development," said the HC.
The performance in terms of stamp duty collection led by the heightened activity in premium and mid-income housing segments have also pushed the state exchequer’s revenue higher for several months.
The apartment spread over 6,130 sq ft carpet area is located on the 37th habitable floor of the Oberoi Three Sixty West tower. The deal is valued at over Rs 1.16 lakh per sq ft.
The brothers have purchased the apartments on the top floors of the super luxury project Naman Xena. Each of these apartments are spread over 6,458 sq ft of carpet area on the 26th and 27th floors of the under-construction tower.
The group, which employs over 200,000 people, is looking to complete the redevelopment of this property over the next 3-4 years.The ground plus five-storey property overlooking the Arabian Sea was built by the group in the 1980s.
The Bombay Dyeing and Manufacturing Company will receive about Rs 4,675 crore from the Goisu Realty for phase-I. The balance amount of about Rs. 525 crore will be received upon completion of certain conditions by the company.
Early this week, a public notice was issued by the law firm Wadia Ghandy on behalf of its unnamed client, wanting to investigate the right, title and interest of the Bombay Dyeing and Manufacturing Co Ltd land measuring over one lakh sq m at Worli.
The apartment spread over 7,459 sq ft on the 60th floor of the tower Oberoi Three Sixty West and the deal values it at nearly Rs 1.29 lakh per sq ft, making it one of the most expensive residential transactions ever.
The project will provide 500 sq feet free flats to 15,584 tenants. A competent authority will decide on the eligibility of the pre-2000 stall structures for rehabilitation.
The firm has leased over 6,150 sq ft of usable office space in the tower for five years. The agreement includes a clause to escalate rentals by 9.75% every two years.
The government's maintenance of the flats with expensive household items and paintings is not a viable alternative either, said officials.