Raheja wins over Wadia in Malad land case
Real estate tycoon G L Raheja won the case against industrialist Nusli Wadia as the Bombay High Court has allowed his company, Ferani Hotels, to build on land in Malad and sell the premises without any condition.
Wadia, outraged by the court’s hearing, voiced that he would appeal against the order before the Supreme Court.
The developer has been involved in a legal struggle with Wadia, the individual administrator of the plot, worth Rs 20,000 crore.
An agreement was made in 1995 between Wadia and Ferani Hotels that allowed Raheja Constructions to develop the E F Dinshaw land in Malad and pay 12 per cent of the gross sale proceeds to Wadia.
Two years ago a single judge had confined Raheja from handing over the possession of any structure his firm built on the land without Wadia’s permission.
But HC set aside the order and declared Ferani Hotels can build on 460-acre land in Malad and sell the premises, without conditions. And the court has directed Raheja to continue depositing the 12 per cent share.
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Source: The Times of India
Bombay High Court, Ferani Hotels, G L Raheja, legal, Malad, Nusli Wadia, Raheja Constructions, Real estate tycoon, Supreme Court
