70 year old Mazgaon enclave to be redeveloped

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70 year old Mazgaon enclave to be redeveloped   A huge sprawl of land, a private enclave in the heart of the city spread over 4,581 sq mt in Mazgaon has received the nod for redevelopment from the Bombay high court. The land is owned by the century-old Cutchi Lohana Samast Mahajan trust and houses over 200 tenants in 70-year-old buildings. Justice Abhay Oka, earlier this month, upheld the joint charity commissioner’s permission to the trust to sell the land to Gold Plaza Developers Private Limited for a monetary consideration of Rs 3.51 crore.“Considering the fact that the cost of maintaining the property is more than the income derived from the property, the necessity (to sell) is established notwithstanding the sound financial position of the Trust and income derived from alienation of the other property,” said the judge while dismissing two petitions challenging the sale.

Though the government approved valuer calculated the market price of the land at over Rs 6.34 crore, the charity commissioner said that for the trust it was a good deal. In addition to the Rs 3.51 crore, as part of the deal, the builder will provide the trust 10 residential rooms, one 500 sq ft office space and a 600-seater auditorium valued at over Rs 18.64 crore. For the tenants, who were occupying tiny flats of around 225 sq ft, it is a bonanza; they get flats of 405-700 sq ft on ownership basis plus rent of between Rs 12,000-Rs 15,000 during the redevelopment, the builder would pay the proposed society Rs 5 crore bank guarantee, a Rs 5 crore corpus fund, a 5,000 sq ft
school, a 3,000 sq ft community hall and reconstruct an existing temple in the premises.
The other contention brought up was that the 2000 resolution made it mandatory for the developers to sell the flats meant for the open market only to persons from the Kutchi Lohana community or to 100 % vegetarian Hindus. The agreement made no such reference, claimed the petitions. A petition by a rival builder offered to pay a higher price, but the HC observed it did not mention any specifics

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