Who owns the future Floor Space Index: Builder or housing society? Bombay High Court clarifies
The Bombay High Court ruled that real estate developers must transfer ownership of land and buildings to cooperative housing societies without delay, even if future Floor Space Index (FSI) changes could enhance development potential. This decision addresses the ongoing issue where developers have withheld conveyance to capitalize on future opportunities, impacting thousands of housing societies in Mumbai and the surrounding region. The ruling reinforces the legal rights of homebuyers and ensures timely conveyance of properties.