MMRDA, though, estimates the financial repercussions will total Rs 3,800 crore, given that several other builders in BKC, too, have been levied penalties for delayed construction (although this order will not apply to other builders facing this penalty).
The authority had levied a penalty with interest on the developer for failing to complete construction within the stipulated period of four years. Raghuleela later built a tower called One BKC on a 2.5-acre plot in the prime commercial district.
On Monday, the apex court dismissed a special leave petition filed by MMRDA, challenging a Bombay high court order, which had ruled in favour of the builder last year.
This story is from the July 29, 2020 edition of The Times of India Mumbai.
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This story is from the July 29, 2020 edition of The Times of India Mumbai.
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