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Mumbai Real Estate News

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  • Re : Mumbai Real Estate News

    Consider standardization in use of electric circuits in housing societies: Maharashtra CM

    Experts want statutory weightage to these standard uses in Housing Societies Act so that punitive actions can be taken on owners and societies for not following them.
    MUMBAI: CM Uddhav Thackeray has directed the cooperatives department to consider the letter by senior electrical experts asking for standardization in use of circuit breakers, sockets and switches in housing societies to prevent fire incidents. Experts want statutory weightage to these standard uses in Housing Societies Act so that punitive actions can be taken on owners and societies for not following them.

    Worried over devastating fires due to short-circuits, senior power expert K K K Nair had proposed to the Prime Minister Narendra Modi and Maharashtra CM a set of rules for using miniature circuit breakers (MCBs) for various electrical gadgets in such a way that they quickly arrest supply of current to 'short-circuit-hit or overheated wire areas' and thus do not allow the fires to spread further.

    It is an established fact that around 90% fire incidents in Mumbai region are due to short-circuits including Friday's Virar hospital fire which is also suspected to be out of short-circuit due to overloading of gadgets or ill-maintenance of wires. Thousands of people have lost lives in short-circuit fires in Mumbai in the past 20 years. "CM Thackeray has forwarded my letter to the cooperatives department for further action," he pointed out.

    Nair said electricians, builders and consumers are installing high current (or high ampere) MCBs just because they cost more. But installing disproportionately wrong MCB for any gadget can result in short-circuits getting additional current to escalate the fire further. Nair said while lights, refrigerators and fans should get '6 to 10 ampere (A) C' MCBs, the gadgets like geysers or 1.5 tone ACs need '16 (A) C' MCBs each. For a two tonne air-conditioner (AC) the same MCB should be of '20 (A) C' value. The main switch in the meter room should be '32 ampere 4 pole C' MCB rather than an old fashioned iron-clad switch.

    "Also minimum wire size should be '1.5milli meter square (mm2)' throughout. The MCBs with rating 16A, 20A should be wired with 2.5mm2 and 4mm2 wires respectively. All wires should be of 660/1100V grade and made in copper. Their tightening at joints should be firmly packed in order to make networks fire-proof," Nair added.

    Power expert Ashok Pendse said even if fire audit of electrical networks through certified engineers every 5 years and change of wires or switches every 15-20 years are made mandatory as per law, the housing society members will have to proactively take the responsibility of obeying these legal obligations. "Else such a statutory provision will not work given the limited staff for vigilance as against the large population," he added.









    Consider standardization in use of electric circuits in housing societies: Maharashtra CM, Real Estate News, ET RealEstate (indiatimes.com)
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    • Re : Mumbai Real Estate News

      Bombay HC dismisses condominium plea for business park in south Mumbai

      The commercial Towers at Lower Parel had its premises snapped up for offices by leading corporates like CIPLA, HDFC Bank, TATA AIA Life Insurance and Tata Capital, who filed petitions to say they had a deed of declaration from the developer submitting to the provision of Maharashtra Apartment Ownership (MAO) Act.
      MUMBAI: Bombay high court on Thursday dismissed petitions filed by CIPLA and others challenging the registration of Peninsula Business Park commercial complex cooperative society under the Maharashtra Cooperative Societies Act and denying a plea of its formation as ‘PBP condominium’ under the state apartment ownership law.

      The commercial Towers at Lower Parel had its premises snapped up for offices by leading corporates like CIPLA, HDFC Bank, TATA AIA Life Insurance and Tata Capital, who filed petitions to say they had a deed of declaration from the developer submitting to the provision of Maharashtra Apartment Ownership (MAO) Act.

      The bone of contention before the HC was a certificate issued in October 2019 by the Deputy Registrar, Co-op Societies in Mumbai to the PBP Commercial complex as a society. While some members preferred the condominium, majority wanted it to be a society. The difference between the two laws and the rights and obligations marked the basis for the battle. The two laws are the Co-operative societies Act of 1960 and the Apartment Ownership Act of 1970 and while both require buyers of premises in a building to come together to manage the building as either a cooperative society or a condominium—where they form an ‘association of apartment owners’.

      While the main difference is that in a society land title and building is conveyed to the society while in a condominium, each apartment owner, also has a proportionate interest in land on which building stands and common areas, and also in a condo owners can let out apartments without a nod from the board of managers while in a society permission is needed.

      The HC bench of Justices RD Dhanuka and VG Bisht said the society has been registered as a ‘general society’ and not as a ‘housing society’ and “no prejudice would be caused to the petitioners’’ as members would “also become owners of the immovable property of the general society.’’

      CIPLA said it acquired the entire Tower C of ground plus five upper floors along with exclusive use of pantry and 45 car parking spaced for Rs 95 crore in 2012 and some more premises and 28 car parking spaces two years later. Two more years later, in 2016, the developer, Peninsula Land Ltd, formed a PBP Condominium, it’s senior counsel Vineet Naik said.

      In April 2019, Cipla and others who collectively occupy half the premises wrote to the district deputy registrar in Mumbai city not to proceed with registering the PBP commercial complex as a cooperative society as it withdrew consent. But on October 22, 2019 the society as registered by the dy registrar, which was challenged then before the HC.

      The HC after hearing counsel Vishal Kanade for HDFC Bank, Prateek Seksaria and Saket Mone for the PBP cooperative society and Mayur Khandeparkar for Peninsula Land Ltd, the developer, dismissed the petitions as being “devoid of merits’’. It said the by a “unilateral” DoD the property could not have become a condominium.

      The HC held that the developer had not informed the registrar of opting for the condominium formation under MAO Act as mandated under law, and hence there was no impediment in registering a co-op society under provisions of the Maharashtra Ownership of Flats Act.

      The HC said “when a statute provides that a particular act needs to be done in a particular manner, it has to be done in that manner and no other.’’

      The HC also noted that several others who own commercial units in the Towers and were objecting to the condominium had later given their consent for formation of the PBP society and the court has to consider the “ground reality’’ and “ascertain desire of unit holders’’. A “majority’’ wanted the society formation, the HC noted.
      The HC said that under the MAO Act, “an individual unit purchaser cannot claim any right to insist on the formation of a condominium… It has to be a combined action on the part of all the owners.’’

      The law states that, under Section 10(1) of the MOFA, the promoter is required to submit an application to the Registrar for registration of the organization of persons who take the flats as a co-operative society or as a company failing which, the minimum number of persons required may apply to form either the society or company.

      The Section 10(2) however, clarifies that if the promoter fails within the prescribed period to submit an application to the Registrar for registration of society as prescribed in the Maharashtra Co-operative Societies Act, 1960, the persons who have taken flats from the promoter may apply to the Competent Authority to direct the District Deputy Registrar to register the society.
















      Bombay HC dismisses condominium plea for business park in south Mumbai, Real Estate News, ET RealEstate (indiatimes.com)
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      • Re : Mumbai Real Estate News

        Bombay HC directs Palghar Police to stay probe against Indiabulls Housing Finance

        The mortgage lender had approached the court after a company shareholder approached the local police station in the Palghar District alleging siphoning of funds and sought the lower court’s intervention to direct the police to investigate the matter.
        In a relief for the Indiabulls Housing Finance Ltd (IHFL), the Bombay High Court has stayed an investigation against the company by the Palghar police until the case is heard. The Court in its order, while staying the probe by local police observed that the complaint on which the case was filed “appeared to be malafide and deficient”.

        The mortgage lender had approached the court after a company shareholder approached the local police station in the Palghar District alleging siphoning of funds and sought the lower court’s intervention to direct the police to investigate the matter.

        The same shareholder later moved the Judicial Magistrate at Wada District and obtained a court order under Section 156 (3) of the Criminal Procedure Code for registering FIR and initiate an investigation.

        Following this development, IHFL moved the high court to challenge the lower court’s order and sought quashing of the FIR against the company.

        In his complaint to the Palghar court, Ashutosh Kamble, who owns about 500 shares claimed that he suffered a loss through the devaluation of his shares due to alleged siphoning of funds and misdealings by IHFL.

        Senior Counsel, Amit Desai, who appeared for the NBFC, argued that the complaint lodged by respondent No 2 (Kamble) was absolutely malafide and part of similar attempts made earlier against the petitioners by certain persons seeking to initiate criminal proceedings on the basis of false and frivolous allegations, so as to extract money from the petitioners.

        “While respondent no 2 purchased shares for the first time on March 17, 2021, within less than 10 days, he approached the police with his alleged grievances,” argued counsel for IHFL. “This was an absolutely malafide complaint, which the Magistrate failed to appreciate in the proper perspective and that there was not even a prima facie case made out for registration of FIR,” the counsel argued.

        IHFL further argued that the respondent did not wait for the matter to proceed further and within four days he approached the higher authority i.e. Superintendent of Police and then immediately on April 3, 2021, filing the complaint before the Magistrate under Section 156(3) of the CrPC on April 7, 2021, and later the magistrate proceeded to pass the order directing registration of FIR.

        “It has been laid down that complaints filed before the Magistrates need to be supported by affidavit so that the complainant can be held responsible for allegations and statements made in the complaint,” observed division bench of Justice SS Shinde and Justice Manish Pitale in its order. “It has been laid down that such requirement has to be satisfied so as to ensure that citizens are protected from perverse litigations and complaints filed before the Magistrates for initiating criminal proceedings only with a view to harass fellow citizens. Therefore, prima facie, we find some substance in the contentions raised in this context on behalf of the petitioners (IHFL).”

        The court, in its order of April 27, said, since we prima facie are of the opinion that the complaint filed by respondent no 2 appears to be malafide and deficient, insofar as the complaint is not supported by a proper affidavit, ad-interim stay of the investigation deserves to be granted.

        The court in its order, while granting interim relief to Indiabulls Housing Finance directed the local police to stay the investigation in the matter until the final disposal of the petition.












        Indiabulls Housing Finance: Bombay HC directs Palghar Police to stay probe against Indiabulls Housing Finance, Real Estate News, ET RealEstate (indiatimes.com)
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        • Re : Mumbai Real Estate News

          Mumbai witnesses 50% drop in property registrations in April

          Between April 1-28, only 8,754 property documents were registered in the city, while revenue collection as stamp duty was Rs 464 crore. In March, data shows 17,728 property documents were registered, which earned the state Rs 875 crore.
          MUMBAI: The state government decision to roll back stamp duty cut from April 1 has led to a 50% drop in property registrations and stamp duty revenue in Greater Mumbai this month compared to March.

          Between April 1-28, only 8,754 property documents were registered in the city, while revenue collection as stamp duty was Rs 464 crore. In March, data shows 17,728 property documents were registered, which earned the state Rs 875 crore.

          Similarly, stamp duty revenue collected across Maharashtra in March and April showed a sharp difference. In March, the state earned Rs 9,067 crore as stamp duty when 2.13 lakh property documents were registered. In April (till Wednesday afternoon), the collection was Rs 1,103 crore from 83,843 registered documents.

          The main reason for a sharp drop, said Pankaj Kapoor of Liases Foras, which compiled this data, was the state decision not to extend stamp duty benefits. Last year, when the first wave of Covid-19 crippled the real estate market, the state government slashed stamp duty from 5% to 2% from September 1 till December 31, 2020. It was then marginally increased to 3% from

          January 1 till March 31, 2021. The duty cut led to a surge in apartment sales during between September 2020-March 2021. Developers urged the state to extend the benefit, but the government rolled back the duty to 5% from April.

          Kapoor said, “Stamp duty reduction was a big motivator for consumers to purchase properties. After it was rolled back, it took a big hit. The second pandemic wave this month further impacted the market.’’

          “Government should have continued the incentive of stamp duty for some more time. Builders will now have to roll out more offers to entice customers,’’ he added. Market sources said many secondary transactions have happened over the past few months. M any investors, holding on to properties, offloaded stock to take advantage of the stamp duty cut.
















          Mumbai witnesses 50% drop in property registrations in April, Real Estate News, ET RealEstate (indiatimes.com)
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          • Re : Mumbai Real Estate News

            Only about 700 new properties registered in Mumbai in April 2021: Report

            Only 7 per cent of 10,000 residential property registrations in April 2021 were from new residential sales concluded in the same month, while 93 per cent of the registrations were from properties transacted between December 2020 to March 2021, it said.
            MUMBAI: The second wave of Covid-19 and the rollback of the stamp duty cut in Maharashtra impacted the housing sales in April, showed a report by Knight Frank India.

            The report noted that Mumbai recorded upwards of 10,000 residential property registrations in April 2021.

            However, upon delving deeper into the property registrations data, it was found that, only 7 per cent of these registrations were from new residential sales concluded in the same month, while 93 per cent of the registrations were from properties transacted between December 2020 to March 2021 for which applicable stamp duties were paid during the lower rate window, it said.

            The Maharashtra state government in December 2020 had given a leeway of four months to homebuyers to register a property after the payment of stamp duty in order to prevent crowding of registration offices. This ensured that homebuyers who had purchased residences and paid stamp duty on or before March 31, 2021, have maximum window of four months till July 31, 2021 from the respective date of payment of stamp duty for registering their apartment.

            There had been a very sharp pick up in property registrations in Mumbai during September 2020-March 2021 during the seven months of concessional stamp duty window, hence, when the state government reverted to the previous stamp duty regime, sales momentum was expected to moderate post 31st March 2021. But the fall in momentum has been exacerbated by the second wave of COVID-19and the ensuing lockdown.

            The state government's collections from stamp duty registered a modest 12 per cent increase in April 2021 against that in April 2019, despite a rise of 71 per cent in units registered in the same comparable period.

            This was because 93 per cent of registrations in April 2021, were for apartments that were transacted in the preceding four months paying stamp duty rates of 2 per cent and 3 per cent only but registered now.

            The state government revenues from property registrations during the seven months of lower stamp duty window (September 2020 till March 2021) were 66 per cent higher than those collected during the preceding 8 months of 2020 (January 2020 till August 2020), indicating that reduction in stamp duty rates had been compensated by a sharp rise in sales velocity, thereby leading to higher revenue generation for the government.

            Shishir Baijal, Chairman & Managing Director, Knight Frank India, "The residential real estate sector had shown a healthy bounce back in the last few months backed by reduced stamp duty ,contributing greatly to the state's exchequers. The demand stimulus provided by the state helped the sector inch back providing employment and economic stability."

            This thereby proved that the stamp duty sop was a master stroke that kept the sector and indeed the state economy buoyant during the country's prolonged fight against the pandemic, he said.

            "In April 2021, as the government withdrew the reduction in stamp duty, coinciding with the second wave of the pandemic resulting in a virtual lockdown, demand and sales of new homes was severely impacted. Therefore, we sincerely feel that the state government, at an opportune time, should reconsider measures to reinvigorate demand such as reduction in stamp duty to bring back the momentum and help the sector tide over the crisis," Baijal said.










            Only about 700 new properties registered in Mumbai in April 2021: Report, Real Estate News, ET RealEstate (indiatimes.com)

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            • Re : Mumbai Real Estate News

              Maharashtra cabinet nod to amend co-operative societies act

              ​As per the current provisions of the law, a member must attend at least one meeting of the cooperative society in five consecutive years, failing which he is deemed inactive and loses rights to vote.
              MUMBAI: The Maharashtra cabinet on Wednesday passed a proposal to amend the Cooperative Societies Act 1960 to ensure that members will not lose their voting rights during the next elections to their respective societies.

              As per the current provisions of the law, a member must attend at least one meeting of the cooperative society in five consecutive years, failing which he is deemed inactive and loses rights to vote.

              Currently, the COVID-19 pandemic has brought the functioning of scores of cooperative societies in the state to a standstill.

              Taking into consideration the possibility of many members losing their voting rights as several societies could not hold their annual meetings, the cabinet has decided to allow such members to remain active members of societies.

              The state government on April 6 postponed the elections of cooperative societies till August-end.

              Meanwhile, the cabinet also cleared a proposal to hand over the Annasaheb Patil Economically Backward Development Corporation to the state planning department from the skills development department.

              The higher and technical education department's proposal to convert the existing three colleges into a cluster university was also cleared by the council of ministers during its meeting.

              These colleges of arts, commerce and science were part of the Rayat Shikshan Sanstha.

              In another decision, the cabinet cleared a proposal of the state Medical education department to implement recommendations of the 7th pay commission to the teachers of aided private colleges of Ayurved and Unani courses.

              This approval will increase the financial burden on the exchequer by Rs 116.77 crore along with arrears from January 1, 2016.

              The state cabinet has decided to merge the Pimpri Chinchwad New Township Development Authority with Pune Metropolitan Regional Development Authority to bring parity in construction rights, FSI and TDR in the region.












              Maharashtra cabinet nod to amend co-operative societies act, Real Estate News, ET RealEstate (indiatimes.com)


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              • Re : Mumbai Real Estate News

                Credai Maharashtra seeks four months' extension for property registration, fine waiver

                The developers’ body has approached the state government to be considerate towards property buyers and not charge a fine in view of the pandemic.
                PUNE: Credai Maharashtra has sought four months’ extension from the state government for registration of property documents executed in December.

                The state developers’ body has written to the Inspector General of Registration and Stamps regarding the same. As per section 24 of the Registration Act of 1908, all documents need to be registered within four months of the date of the signing of the agreement, failing which a fine, not exceeding 10 times the registration fee, is to be levied each month in different slabs.

                The developers’ body has approached the state government to be considerate towards property buyers and not charge a fine in view of the pandemic.

                State Credai president Sunil Furde said that while the state government has given a stamp duty waiver of 3%, which helped boost the realty sector and saw many documents being executed on or before December 31, the current Covid situation, travel restrictions and overall health scare were preventing property registrations.

                “The Inspector General Of Registration and Stamps (IGR) of the state is conferred the powers under section 70 of the Registration Act to remit wholly or in part the difference between any fine levied under section 25 of section 34. We request you extend it for a further period of four months,” the letter written by Credai Maharashtra stated.

                State IGR officials have confirmed receipt of the letter. They said it has been forwarded to the state government for consideration. Shantilal Kataria, national vice-president, Credai, said with Maharashtra reeling under the second wave of Covid, it had not been possible for many home buyers to meet the four-month deadline.











                Credai Maharashtra seeks four months' extension for property registration, fine waiver, Real Estate News, ET RealEstate (indiatimes.com)
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                • Re : Mumbai Real Estate News

                  About 32 lakh have left Maharashtra since April 1, government says it's normal

                  Of the 38,000 factories registered with the directorate, over 60% are working with 50% workers, said Kalyankar. At construction sites across MMR, nearly 75% workers are on site, said Credai-MCHI president Deepak Goradia. Representative Image


                  MUMBAI: At least 32 lakh people have left Maharashtra since April 1, said Mahendra Kalyankar, commissioner, labour, and director, industrial safety and health. Of them, 11 lakh have gone to UP and 4.5 lakh to Bihar.

                  He argued that several factors, including continuing work in manufacturing and construction, meant most had left as a matter of course as it is summer—time for harvest as well as the marriage season. Despite the surge in Covid cases, there has been no panic flight from Mumbai and Maharashtra this time, he said.

                  Of the 38,000 factories registered with the directorate, over 60% are working with 50% workers, said Kalyankar. At construction sites across MMR, nearly 75% workers are on site, said Credai-MCHI president Deepak Goradia.

                  “These are figures shared with us by the railways. The availability of a definite mode of transport, the insistence on a confirmed travel ticket, and the fact that manufacturing and construction sites are operating has meant that those who left had gone in the normal course since it is summer vacation, time for crops to be harvested and the marriage season,” said Kalyankar.

                  Avinash Dhakne, state transport commissioner, said initially people left by the busload without adhering to the 50% occupancy norm, but now there are hardly any buses crossing the borders. “The insistence on RT-PCR tests to enter a state has discouraged a lot of people from leaving and this time there is no panic,” he said.

                  Credai-MCHI president Goradia added: “Around 25% workers did leave, some initially and some after receiving salaries, but raw material is available and work is on, unlike last year when work had been stopped.”

                  According to Central Railway officials, nearly 16 lakh people have left from the Mumbai Metropolitan Region, Pune and Solapur and the majority was headed to UP, Bihar, West Bengal and Assam. Western Railway officials said around 14 lakh people left between April 1 and May 5.

                  Akhilesh Rao, a resident of Ambujwadi, Malwani, in Malad (West), which is a large cluster of daily wage-earners hailing from UP, Bihar and Bengal, said the majority has not returned home. “Many went back during the first lockdown and stayed home for 4-5 months. They have returned to earn, have no savings now. The last time, many hitched a free ride back home. This time that has not been possible and there is no money back home,” he said. But the fresh lockdown is piling on the misery. “Autorickshaws have no passengers. Masons are not able to find work. For the poor it is difficult to survive,” Rao said.

                  Goradia agreed that workers stayed on to earn and send money home. “Currently we are able to pay the contractors who pay the labourers, but there’s no sales happening and if the lockdown prolongs, it will be difficult to sustain the expenditure,” he said.










                  About 32 lakh have left Maharashtra since April 1, government says it's normal, Real Estate News, ET RealEstate (indiatimes.com)
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                  • Re : Mumbai Real Estate News

                    Mumbai: Builder held by EOW dies of covid-19

                    ​Kirti Zaveri, a partner in a construction firm, was arrested on March 29 in connection with a cheating case.
                    MUMBAI: A 67-year old builder, Kirti Zaveri, who was arrested by the Economic Offences Wing (EOW) of the Mumbai police in connection with a Rs 9 crore cheating case in March, died of Covid-19 at GT hospital on Friday morning.

                    A resident of Vile Parle, Zaveri is survived by his wife, a married son and daughter.

                    His family and lawyer have alleged that he contracted the virus after he was sent to judicial custody in Arthur Road jail in March.

                    Sources said Kirti tested positive on April 28 after which his condition deteriorated and he was shifted to GT hospital last week. He was kept on ICU till he died.

                    “When he was arrested he was healthy. He contracted the virus when he was send to Arthur Road Jail, ’’ said a relative of the family.

                    Zaveri, a partner in a construction firm, was arrested on March 29 in connection with a cheating case.








                    Mumbai: Builder held by EOW dies of covid-19, Real Estate News, ET RealEstate (indiatimes.com)

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                    • Re : Mumbai Real Estate News

                      Bombay HC rejects IAF's objection to Runwal Constructions' project near Thane base

                      The HC set aside a 2018 refusal by the IAF and a 2019 condition imposed by Thane Municipal Corporation for a NOC from the defence ministry while granting permission for a 24-storey project by Runwal Constructions at Kolshet Road, Thane.
                      MUMBAI: Bombay high court has rejected objections of the Indian Air Force (IAF), on grounds of security and safety, to development of a proposed 24-storeyed building in Thane near its base, but outside a 100-metre restricted radius.

                      The HC held that the restriction was contrary to notifications of 2007 and 2010, under the Works of Defence Act that made only 100-metre radius a no development zone (NDZ) from the station’s parameter.

                      The 2007 notification restricted development in areas within 100 metres from Air Force Station, Thane. In January 2010, the Centre issued another notification under the Defence Act to continue restriction on constructions within 100 metres of the IAF Station at Thane. These notifications still hold the field, said a bench of Justices R D Dhanuka and V G Bisht.

                      The HC said notifications “unarguably prevail” over correspondence seeking NOC.

                      The HC set aside a 2018 refusal by the IAF and a 2019 condition imposed by Thane Municipal Corporation for a NOC from the defence ministry while granting permission for a 24-storey project by Runwal Constructions at Kolshet Road, Thane. The plot falls partly (16%) within the 100-metre NDZ, and the remaining 8.8 acres (84%) outside the NDZ, and requires only permissions under the development plan and development control regulations, said the HC.

                      Builder’s counsel Pravin Samdani and advocate Saket Mone had challenged the objections raised by IAF and its insistence on the NOC. They said the 750-metre restriction was unjustified as the proposed project is about 500 metres from the helipad.

                      The MoD and Air Force Station, through advocates Y R Mishra and NR Bubna, said the plot falls within 500 meters of the Air Force Station where a helipad for all classes of helicopters has VVIP movements and does rescue missions in natural calamities. Hence, no construction within 750 metres of take-off flight path ought to be permitted.

                      However, since the Thane Air Force heliport is yet to be registered with civil aviation ministry, the HC said it didn’t agree the Air Force could invoke Aircraft Act to restrict the construction. On the builder’s plea for compensation under the scheme for acquisition under the Defence Act for portion of land within 100 metre buffer zone, the HC directed the MoD to consider such payout.














                      Bombay HC rejects IAF's objection to Runwal Constructions' project near Thane base, Real Estate News, ET RealEstate (indiatimes.com)
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