Projects on mill land not to face delays due to court order: Bombay Dyeing
11 Aug 2012
Textile major Bombay Dyeing yesterday said its upcoming real estate projects on mill land in Mumbai would not face any delay as they were designed keeping in mind the need to vacate a certain portion of the said land.
"The issue was never about handing over, but of when we are entitled to hand over as per the law.
"We have already considered the handing over in our planning and designing of both our properties and therefore does not affect or delay any of our commitments to our esteemed customers on our recently-launched residential towers and retail high street," Bombay Dyeing managing director Jeh Wadia said in a statement in Mumbai this evening.
The statement comes after the Supreme Court ordered the company to hand over one-third of the mill land at Naigaum and Lower Parel to the Brihanmumbai Corporation (BMC) and Mhada, respectively, for development of open spaces, transit camp accommodation and houses for mill workers.
Bombay Dyeing would hand over 33 per cent of open land at its mill premises in Dadar and Lower Parel to the government. According to Bombay Dyeing, it needed to be clarified that the company would not hand over 33 per cent of the total land but only areas that were open and not built on at the time of DCR 58 (Development Control Rules) modification in 2001.
A division bench of the Bombay High Court, earlier this year, dismissed Bombay Dyeing's petition challenging stop-work notices issued by the Monitoring Committee for its failure to handover the land to BMC and MHADA.
