The realty market has been affected by the Bombay High Court ruling cancelling the allotment of a land by City Industrial Development Corporation Ltd (Cidco) to K Raheja Corp, where the Inorbit Mall and Four Points hotel stand in Vashi in the satellite township of Navi Mumbai.
The order is likely to be challenged in the Supreme Court. “The market sentiments have been affected, some builders are scared. The losses could be enormous,” said a prominent Mumbai-Navi Mumbai based builder.
Another senior real estate player from Navi Mumbai said if at all there has been a fault it has been from the part of Cidco but the developer is affected. “Cancellation of allotment is not at all viable. There could have been penalties,” he said, adding that the decision is yet to be challenged in the Supreme Court.
A bench of Justices Abhay Oak and A S Gadkari said the developer could, during this period, apply to Cidco for regularisation.
Calling the lease agreement between Cidco and the developer illegal and directing that the land be “restored”, the court rejected the developer’s plea to stay the order for 12 weeks.
About Us
MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.
Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.
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