Aditya Birla Real Estate: Niyaara Project Unaffected by Supreme Court Decision
Aditya Birla Real Estate Ltd (ABREL) has reassured stakeholders that the Supreme Court's recent decision on a land dispute with the Brihanmumbai Municipal Corporation (BMC) will not impact its high-profile Niyaara project in Worli, Mumbai.
Aditya Birla Real EstateBirla NiyaaraSupreme CourtBmcReal EstateReal Estate MumbaiJan 08, 2025
The apex court, in a bench comprising Justices Vikram Nath and Prasanna B.
Varale, overturned a 2022 Bombay High Court order that had directed the Brihanmumbai Municipal Corporation (BMC) to transfer a five-acre land parcel to ABREL.
ABREL, which is a significant player in the real estate market, stated in a press release, \
Frequently Asked Questions
What is the recent Supreme Court decision affecting ABREL?
The Supreme Court overturned a 2022 Bombay High Court order that had directed the BMC to transfer a five-acre land parcel to ABREL. This decision has no impact on the Birla Niyaara project, as the land in question is separate from the project site.
What is the Birla Niyaara project?
Birla Niyaara is a luxury housing project in Worli, Mumbai, with an estimated revenue potential of over Rs 10,000 crore. It is one of ABREL's flagship developments in the south Mumbai market.
Why did ABREL file a writ petition in 2017?
ABREL filed a writ petition in 2017 after the BMC failed to formalize the land transfer as required under the Improvement Trust Act. The company had been in undisturbed possession of the land for over 28 years and had paid all property taxes to the BMC.
How did the Supreme Court decision affect ABREL's stock?
The Supreme Court decision led to a 4 percent drop in ABREL's share price, closing at Rs 2,220 on January 8, 2023.
What are ABREL's future plans in the south Mumbai market?
ABREL has extensive business development plans in the south Mumbai market, including new phases at the Birla Niyaara and the recent acquisition of a ten-acre land parcel in Worli from Nusli Wadia, worth over Rs 1,000 crore.
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