The Collector of Stamps, Mumbai has adjudicated an unexecuted Development Agreement between Twinkle Star Co-Operative Housing Society Limited and Mahindra Lifespace Developers Limited, determining a market value of ₹142.72 crore and ordering stamp duty of ₹7.22 crore.
The agreement provided by CRE Matrix – A Real Estate Data Analytics Firm covers the redevelopment of land admeasuring 11,241.70 square metres on Ghatla Village Road, Chembur (Mumbai 400071). The plot comprises CTS Nos. 584/B (3,904 sq m), 612/A (2,245 sq m) and 612/C (399 sq m) of Village Borla, plus CTS Nos. 1550/2 (1,263.3 sq m), 1550/3 (1,233 sq m), 1550/5 (1,971.1 sq m) and 1550/6 (226.3 sq m) of Village Chembur.
Twinkle Star CHS (registration M/HSG/3336 of 1992) has appointed Mahindra Lifespace as developer to redevelop the existing nine buildings housing 133 members. The project is proposed under DCPR 2034 Regulations 33(7)(b) and 33(20)(B). This permits a total of 3.00 FSI (1.00 basic/zonal + 2.00 additional, with a portion earmarked for AH/R&R) plus 35% fungible FSI. The agreement cites a maximum permissible FSI area of 45,529 sq m.
Existing members will receive new MOFA built-up area of 13,426.35 sq m (approximately 1,20,390 sq ft carpet in aggregate). Benefits detailed in the agreement and its annexures include monthly displacement compensation, hardship allowance/corpus, additional corpus (including for amalgamation/subdivision), relocation/transportation charges, brokerage support, leave-and-licence charges, car and visitor parking, infrastructure and development charges contributions, a gym/fitness centre, and reimbursement of ₹1.50 crore towards legal and PMC fees. The developer is also required to furnish a ₹30 crore bank guarantee.
Valuation was carried out by the Assistant Town Planner using 2026-27 Annual Statement of Rates. Because the land falls in two rate zones, a weighted-average land rate of ₹91,381 per sq m was applied. After accounting for the society’s and PAP entitlement, free fungible FSI on existing area, premium on residual fungible FSI, construction cost and other deductions under the applicable guidelines (including Guideline No. 17(d) for larger plots), the market value of the developer’s share was fixed at ₹142,72,15,000. Stamp duty was assessed at 5% under Article 5(g-a) of Schedule I of the Maharashtra Stamp Act, amounting to ₹7,22,61,000. A separate amount was noted for the bank guarantee under Article 54(ii).
Collector of Stamps Krishna Jadhav issued the final order under Section 31 (and the certificate under Section 32) after interim notice and verification. The duty has been paid via e-challan. The order is quasi-judicial, rests on the facts disclosed by the parties, and is subject to the usual caveats on accuracy of information, pending litigation, and compliance with registration formalities. Aggrieved parties may appeal on valuation within 60 days to the Additional Controller of Stamps, Mumbai, or on other grounds to the Chief Controlling Revenue Authority, Pune.
The adjudication clears a key fiscal hurdle and enables registration of the Development Agreement, paving the way for the redevelopment of this Chembur society by a major listed developer.
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