Supreme Court Limits Open Space Deficiency Premium to 10%
Real Estate

Supreme Court Limits Open Space Deficiency Premium to 10%

The Supreme Court upholds a Bombay High Court ruling, directing BMC to charge only a 10% premium for open space deficiency The Supreme Court has reaffirmed a 2017 decision by the Bombay High Court regarding the premium charged for open space deficiency. The court stated that the premium can only be 10% and not the previously charged 100%. This directive was given to the BMC (Brihanmumbai Municipal Corporation), instructing them to deduct the premium at the stipulated 10% rate and refund the excess amount with interest within six weeks to Wadhwa Estate and Developer (I) Pvt. Ltd. The case originated in 2011 when the developer submitted a proposal for the redevelopment of a MHADA building and sought leniency for open space deficiency. The BMC, in response, issued a demand notice charging a premium at a rate of 100%, which amounted to roughly Rs 5 crore. The developer argued that since the redevelopment was under Regulation 33(10) for Economically Weaker Sections, Low Income Group, and Middle-Income Group tenements, the BMC should only charge 10% of the premium. The BMC's refusal led the developer to approach the Bombay High Court.

The Supreme Court upholds a Bombay High Court ruling, directing BMC to charge only a 10% premium for open space deficiency The Supreme Court has reaffirmed a 2017 decision by the Bombay High Court regarding the premium charged for open space deficiency. The court stated that the premium can only be 10% and not the previously charged 100%. This directive was given to the BMC (Brihanmumbai Municipal Corporation), instructing them to deduct the premium at the stipulated 10% rate and refund the excess amount with interest within six weeks to Wadhwa Estate and Developer (I) Pvt. Ltd. The case originated in 2011 when the developer submitted a proposal for the redevelopment of a MHADA building and sought leniency for open space deficiency. The BMC, in response, issued a demand notice charging a premium at a rate of 100%, which amounted to roughly Rs 5 crore. The developer argued that since the redevelopment was under Regulation 33(10) for Economically Weaker Sections, Low Income Group, and Middle-Income Group tenements, the BMC should only charge 10% of the premium. The BMC's refusal led the developer to approach the Bombay High Court.

Next Story
Infrastructure Urban

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Next Story
Infrastructure Urban

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Next Story
Infrastructure Energy

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement