06/02/2024
THE BAUG-E-SARA TENANTS & CO-OWNERS RESPOND TO THE INCORRECT ARTICLE PUBLISHED IN THE ECONOMIC TIMES ON JANUARY 30, 2024
We are the tenants of our respective residential premises in the Baug E Sara Building since the last several decades. Some of the members of the Association are also co-owners of the Baug-E-Sara property, situated at 16, Nepean sea road, Mumbai 400 036 having acquired undivided shares, aggregating to 4%, in this property vide separate registered instruments including registered Indentures of conveyance and registered Deeds of Assignment in January, 2017 (“co-owner members”)
Co-ownership of co-owner members in the said property has, in fact, been acknowledged by the Hon'ble Bombay High Court while impleading co-owner members in a Partition Suit of 2009.
Baug-E-Sara building is a Mhada cessed building. Mithra Buildcon LLP a wholly owned subsidiary of Sunteck Realty Ltd., is seeking to illegally redevelop this property by wilfully and purposefully excluding co-owner members and crucially, without seeking co-owner members’ approval/consent in this regard. Any steps regarding/towards redevelopment of the building and property cannot take place without the involvement of all co-owners of the property, including the co-owner members.
In these circumstances, co-owner members were shocked, surprised and aghast to read the article in the Economic Times of India dated January 30th., 2024 by Mr. Kailash Babar, Senior Assistant Editor, alleging the following in respect of Baug-E-Sara property, being the only property at Nepean Sea Road/South Mumbai in which Mithra/Sunteck has a share:-
“Real estate major Sunteck Realty has entered into agreements to redevelop two prime projects together valued at over ₹3000 crores in the affluent areas of Nepeansea Road in South Mumbai… . “
“The Nepeansea Road project will be spread over a land parcel of an acre and the developer has bought out the erstwhile land owner. While some tenants in this property have already vacated, others are expected to move out soon. “
(Photocopy of full article enclosed).
Co-owner members have been co-owners of this property since January, 2017 over a year before Mithra/Sunteck acquired bankrupt Orbit's share in this property in June/July, 2018.
Co-owner members are being excluded from all participation including decisions to be taken regarding surrender/transfer/creation or variation of tenancy, redevelopment of the property which crucially and critically affect co-owner members’ valuable rights as co-owners of this property. Co-owner members have accordingly filed an Interim Application in 2023 before the Hon'ble Bombay High Court in the said suit seeking appropriate reliefs in this regard, which proceeding is presently pending.
Absolutely no redevelopment agreement has been entered into by Mithra / Sunteck with co-owner members, in co-owners members’ capacity as co-owners of the said Property. Further no agreements regarding surrender / transfer of our tenancy rights in respect of our premises / permanent alternate accommodation agreements for premises in the purported new redevelopment project have been entered into between Mithra / Sunteck and us.
As such the allegation / recording that “Sunteck Realty has entered into agreements to redevelop two prime projects together valued at over ₹ 3,000 crore in the affluent areas of Nepeansea Road in South Mumbai” is categorically false and incorrect.
As on date, co-owner members remain co-owners of the said Property, with undivided shares aggregating to 4.00%, and the same has not been “bought out” by Mithra / Sunteck as has been falsely and incorrectly alleged / recorded in the said Article / Interview.
Further, as stated above, co-owner members are also tenants in respect of 8 separate residential flats in the said Building. None of us are in active settlement discussions with Mithra / Sunteck regarding surrendering / transferring our tenancy rights of our respective premises / accepting alternate accommodation and as such none of us are “expected to move out soon” as has also been falsely and incorrectly alleged / recorded in the said Article / Interview.
In light of the foregoing, we have hereby called upon the Economic Times and its Sr. Asst. Editor, Mr. Babar, to kindly publish a clarification in respect of the said Article / Interview setting out the true and correct facts in the matter as narrated hereinabove, particularly pertaining to co-owner members’ co-ownership of the said Property, the illegal attempt of Mithra / Sunteck to unilaterally redevelop the said Property without the consent of all co-owners, including co-owner members, as well as their baseless claim that the remaining tenants are expected to move out soon. This is being posted / published strictly without prejudice to all our right, contentions and remedies which are expressly reserved.
