Bombay High Court dismisses corporates plea to form condominium at business park in Mumbai s Lower Parel
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Bombay High Court dismisses corporates plea to form condominium at business park in Mumbai s Lower ParelBy
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Synopsis
Cipla, HDFC Bank, Tata Capital had purchased their offices in Peninsula Business Park from Peninsula Land in and around 2012. Peninsula executed a Deed of Declaration dated 9th August 2016 to form a PBP Condominium for all units sold in Peninsula Park under the provisions of Maharashtra Apartment Ownership Act (MAO Act).
The Bombay High Court has dismissed a joint petition filed by Cipla,
HDFC Bank, Tata Capital that had challenged formation of co-operative society of the unitholders of Peninsula Business Park in Lower Parel business district of Mumbai.
Synopsis
The apex court held that arbitral tribunals have the power to decide such disputes under the Transfer of Property Act, 1882.
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The verdict assumes significance in the backdrop of the government’s efforts to push rental housing across the country
The Supreme Court has said tenant-landlord disputes under the Transfer of Property Act can be resolved through arbitration instead of time-consuming and expensive litigation.
The apex court held that arbitral tribunals have the power to decide such disputes under the Transfer of Property Act, 1882. However, such disputes covered and governed by state rent control laws would not be arbitrable and would be decided by designated courts or forums under the legislation.