The Supreme Court on Thursday set aside a November-2006 Bombay High Court directive restricting redevelopment of cessed properties in Mumbai. The SC order will open up 225 acres in the island city and see redevelopment of over 18,000 dilapidated buildings. Real estate prices could drop 30% in some parts of the city, say experts. Over two million people living in chawls would gain from Thursdays judgment, according to Mumbai-based Property Redevelopers Association (PRA).
A two-member bench of Justice Pasayat and Justice Sadashivan of the apex court set aside the earlier order of Justice Gokhale of the HC. The court waived all HC-imposed restrictions, which include compulsory open space, MHADA certification and approvals from new committees.
Cessed properties are those constructed prior to 1960. The government collects cess from residents of these buildings for the repair of these buildings.
More : financialexpress.com
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