Chapter VII: Properties On The Plots allotted To The Press / Publication Houses

By Advocate S. R. Agarwal

Being the sole Development Authority for New Bombay where no private land is available, CIDCO has been allotting the plots to the Press / Publishing Houses for the specific purpose of establishing their printing press, office and residence. Since such allotment is made at a concessional rate as against the current market price, such allotment carries the usual restrictive condition against the transfer or assignment of the right, title and interest therein. The relevant condition from the Allotment Letter of such plots is, usually, as under:-

Transfer or Assignment of Rights: You may transfer or assign your rights, interest in or benefits, which may accrue to you from the Agreement to Lease, with the prior written permission of the Corporation and on payment of such transfer charges as may be prescribed by the Corporation from time to time. However, no permit shall be granted unless you pay to the Corporation the agreed premium in full and any other amount required to be paid in full ”.

A separate area has been earmarked for the allotment of the plots to the Press / Publication houses in-between Vashi and Sanpada in New Bombay and popularly known as “PRESS ENCLAVE AREA. It has been observed that such Allottees enter into

Development Agreements with the Promoters / Builders / Developers for the construction of the Properties on these Plots and the arrangement is, usually, that a building is constructed on a portion of the plot for the printing Press, office and residence of such Allottees and handed over to them free of cost and in consideration thereof, the Promoters are permitted by the Allottees to sell the flats/apartments/shops and offices on the remaining portion of the plot, in open market, though payment of some cash in consideration of this arrangement also forms part of such transactions in some cases.

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