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Bombay HC Overturns State’s Land Acquisition Under Slum Act

MUMBAI: On Tuesday, the Bombay High Court nullified the state’s acquisition of a prime private land in Goregaon East, which had been designated as slum land under the Slum Act. The court highlighted the obligations imposed on state officials and the CEO of the Slum Rehabilitation Authority (SRA) before exercising the drastic powers under Section 14 of the Slum Act. Justices Girish Kulkarni and Aarti Sathe acknowledged a plea from NESCO, the private property owner, to overturn the acquisition, deeming it arbitrary and unlawful. They stated, “Such powers should not be invoked at the mercy of unscrupulous parties, disregarding the…

CommercialLatest Stories

Strata Sells Express Zone, Mumbai for ₹40 Cr, 13% IRR

NEW DELHI: Strata has successfully exited its Grade A office investment in Express Zone, Goregaon East, Mumbai, for a transaction value of ₹40 crore. The asset was initially purchased in March 2021 for ₹33.6 crore and fully fractionalized among 120 investors, each contributing ₹25 lakh. During the holding period, investors received a total of ₹12.9 crore in rental payments in addition to the exit proceeds. The transaction yielded a 13% IRR with 20% capital appreciation. Express Zone was first leased to ReachLocal. After the lease concluded, Anand Rathi Global Finance acquired the property, facilitating a successful exit. Published On Oct…