look news india
Mumbai – In a significant decision, the Supreme Court ordered the Bombay High Court to transfer the ownership of five acres of land in Worli to the Bombay Municipality in 2022 to Century Textiles and Industries Limited. (now Aditya Birla Real Estate Limited) has overturned the decision passed. Mrs. Vikram Nath and Justice. In its judgment on January 7, a bench headed by Prasanna Varale sided with the Mumbai Municipality and rejected the appeal of Century Textiles. The current market price of 30,550 square meter land is estimated to be around Rs 660 crore.
The dispute pertains to land leased to Sanctity Textiles under the City of Bombay Improvement Act 1898. In the lease agreement entered into as part of the original welfare scheme aimed at providing housing to the working class, Century Textiles was to construct residential accommodation for the workers. The company fulfilled its duty by 1925 by building 476 houses and 10 shops. However, after the lease was completed in 1955, the company did not hand over the land until 2006, after which a notice was issued to hand over the ownership.
The Supreme Court criticized this practice of the company, saying that the land was allotted under a welfare scheme for economically weaker sections. Attempts to commercially utilize the land will defeat the basic objective of the scheme.
The court said in the decision that Mumbai Municipal Corporation is not legally or under duty bound to hand over the ownership of the land to the company. Six decades after the expiry of the lease, the application is facing serious delays and cannot be sustained. The company did not attempt to claim the transfer until 2006, when the lease expired in 1955.
Responding to the court’s decision, Aditya Birla Real Estate Ltd issued a statement clarifying that the land is separate from the Birla Niara project in Worli. The company also said that legal advice is being taken to take the next step.