The Mumbai Municipal Corporation Act, 1888 – the capital value of the land and building must be based on situation “in presenti”- in projects which are in progress, the value addition to the property would be ongoing feature. However, it would mean that the governing principle must be the actual use and not the intended use in future.
SUPREME COURT OF INDIA DIVISION BENCH MUNICIPAL CORPORATION OF GREATER MUMBAI AND OTHERS — Appellant Vs. PROPERTY OWNERS’ ASSOCIATION AND OTHERS — Respondent ( Before : Uday Umesh Lalit, CJI.…