The High Court order, dated September 29, restores the earlier regulatory position, including the October 29, 2021 order approving the change of promoter and the September 2, 2022 order permitting de-registration of the project.
The resolution brings closure to the proceedings and restores the regulatory position as it stood under the aforementioned orders, it added.
What was the Turf View dispute?
Turf View, also referred to as DB Turf View or Orchid Turf View, is a proposed project in Mumbai’s Mahalaxmi area. The project was originally launched as a residential development, but later shifted towards commercial development.
The dispute dates back to bookings made in 2007. Original buyers challenged the termination of their bookings and subsequent regulatory steps involving the project.
The project had 27 allottees. The affected buyers said they had paid around half of the consideration but had not received executed agreements for sale or possession.
Why was the promoter changed?
In July 2021, the promoter sought approval for a change of promoter under Section 15 of the Real Estate (Regulation and Development) Act, or RERA, along with changes to the project plan.
The application cited the consent of more than two-thirds of the 27 allottees. MahaRERA approved the change of promoter on October 29, 2021.
How did de-registration enter the dispute?
In January 2022, Turf Estate Joint Venture LLP applied to MahaRERA for de-registration of the project. MahaRERA allowed the application on September 2, 2022.
At the time, the regulator noted that 21 of the 27 allotments had been cancelled and amounts refunded with 9% interest. Five allottees did not accept the refunds and challenged the decision.
The 2022 order was significant because the RERA Act did not expressly provide a mechanism for promoter-requested de-registration of a project.
What happened in August 2026?
On August 25, 2026, MahaREAT reversed the earlier regulatory position, including the approvals for the change of promoter and de-registration, and restored the project’s residential status.
The tribunal’s order followed challenges by the remaining affected buyers. Contemporary reports said the tribunal questioned whether the required two-thirds consent had been validly established and also examined the termination of certain allotments.
Prestige subsequently told the exchanges that the MahaREAT proceedings involved three homebuyers and said the matter was in the ordinary course, with no material impact on its financial position, operations or performance. The company said it was pursuing legal recourse.
What has the Bombay High Court changed?
The Bombay High Court has now set aside the MahaREAT order.
As a result, the earlier October 29, 2021 approval for the change of promoter and the September 2, 2022 order permitting de-registration stand restored.
Prestige said all concerned parties have duly settled their respective disputes and claims relating to the matter.
What does this mean for Turf View?
The immediate regulatory position is that the earlier promoter-change approval and de-registration order have been restored, reversing the MahaREAT order that had returned the project to residential status.
The project can therefore be pursued under the restored regulatory position, including its proposed commercial development, subject to the applicable approvals and the terms of the settlement.
What is the Prestige-DB Realty connection?
Turf Estate Joint Venture LLP is linked to DB Realty and Prestige Estates. In 2022, DB Realty had said it held a 50% interest in the joint venture, with Prestige holding the remaining 50%.
DB Realty had also said the required homebuyer consent had been obtained for the transfer and change of the project.
Prestige Estates shares
Prestige Estates shares recovered 3.6% from the day’s low and were trading 0.7% higher at ₹1,492.40 at 11:53 am on October 1.
The stock is down around 4.5% over the past month and 6.5% so far this year.
Separately, Prestige said on Wednesday, September 30 that CPP Investments will invest ₹3,000 crore in Prestige Hospitality Ventures, acquiring around 27% in the company. The majority of the capital will be used to support its expansion.
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