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Bombay HC directs BMC to not take action against Lodha in unpaid interest case, Real Estate News, ET RealEstate

Bombay HC directs BMC to not take action against Lodha in unpaid interest case, Real Estate News, ET RealEstate
MUMBAI: In an interim order, Bombay high court early this month directed BMC not to take any coercive action against Macrotech Developers (part of Lodha Group) for non-payment of interest.

It said the corporation cannot withhold permissions/approvals for further development of the Wadala Truck Terminus land.

The Lodha group had won the rights to build iconic towers on the land up to 500 mt tall. After the agreement was signed, it learnt that due to aviation rules there was building height restriction and over six years later, by Dec 2017) was allowed to build up to 132mt instead of 500mt.

The developer then approached the court with the plea to direct the corporation not to recover interest prior to December 2017 with regards to 1.34lakh sq ft of Built Up Area. The developer claimed it had suffered a loss of overRs 3000 crore as well as goodwill.

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