Utilizing land Act, Maharashtra govt acquires workplace area in Reliance Centre constructing

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Actual property sellers mentioned the acquired area would command rental of practically Rs 12 lakh a month. Ballard Property fetches among the many highest costs for industrial actual property in Mumbai.

The Maharashtra authorities has used the Land Acquisition Act to amass workplace area within the Reliance Centre constructing at Ballard Property in South Mumbai, which was once the company headquarters of the Anil Ambani-led Reliance Group till final yr. After a long-drawn authorized battle, the state acquired a 6,216 sq. foot premises on the constructing’s third flooring.

Actual property sellers mentioned the acquired area would command rental of practically Rs 12 lakh a month. Ballard Property fetches among the many highest costs for industrial actual property in Mumbai.

Earlier than it formally shifted its headquarters to suburban Santacruz in 2018, the Reliance Group’s board conferences and press conferences was once held at Reliance Centre, with prime administration of assorted group corporations of the finance-to-defence conglomerate, together with Ambani himself, working from this workplace. Signalling that the acquisition of the workplace was full, the federal government has printed an award below the Land Acquisition Act, providing Reliance Pure Assets Restricted (RNRL), a gaggle firm, a complete compensation of Rs 22.34 crore in lieu of the acquisition. On the time of submitting this report, nonetheless, sources confirmed that RNRL had not accepted the compensation.

Official paperwork obtained by the Indian Categorical below the Proper to Info present that Deputy Collector (Land Acquisition), Mumbai (island metropolis), Sushma Satpute, initially handed the award on this regard on April 16, 2019. That day, RNRL was issued a discover, as mandated by legislation, giving it time until Friday to submit related paperwork for the switch of the compensation quantity. Satpute’s discover states that the “compensation amount would be deposited with the Bombay High Court if the company failed to submit the documents in due time”.

When contacted, Kailash Pagare, Controller of Rationing and Director of Civil Provides, advised The Indian Categorical that the “acquisition had been completed”. He added, “We plan to soon take actual possession of the premises.”

In response to questions from The Indian Categorical, a Reliance Group spokesperson mentioned, “The award is under challenge.” In February 2019, Reliance had demanded compensation of Rs 79 crore.

Constructed on land owned by the Bombay Port Belief, Reliance Centre, previously referred to as Crescent Home, was initially owned by ICI India Ltd. In 1970, the Controller of Lodging —- then chargeable for allocating workplace areas to varied authorities departments —- had earmarked the 6,216 sqft area within the constructing for an Workplace of the Controller of Rationing.

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