K. Raheja Corp. Private Limited v. the State of Maharashtra
Case brief
What is this about?
The Supreme Court rejected demolition of an irregularly allotted commercial complex after 17 years, deeming it disproportionate. The Court upheld regularisation requiring the developer to pay the fair market value of the land as of the judgment date, plus interest, rejecting both the original price and an older committee's valuation methodology.
What did the court decide?
The High Court order directing restoration is quashed. The allotment is regularised upon payment of Rs. 318.31 crores (market value in 2014 plus interest), with adjustment for the original price paid.