Demolished in 2019 due to a default in sanctions, Pratibha Tower, located at Breach Candy in South Mumbai, will finally be rebuilt in all its glory. Property market sources state that the society will sign a joint development agreement with an (at this point) unnamed developer.
As per reports, apartments in this area of Mumbai can fetch a price upto Rs. 1 lakh per sq ft.
Pratibha Tower: Preliminary Stage
Amid talks of rebuilding Pratibha Tower, original flat owners, who never got enjoy the returns of their investment for almost 40 years, have been offered 3,300 sq ft flat each. The plan, as per reports, is to build a new tower on an almost two acre plot, situated at Sophia College lane.
On July 20th, a public notice was issued by the legal firm MT Miskita & Co. investigating into the title of Saidale Cooperative Society (formerly known as Pratibha Cooperative Housing Society).
About the Pratibha Scam, 1984
The Pratibha scam occurred in 1984 when the Mumbai collector, Arun Bhatia exposed the builder of sanction violation. It was found that the builder had falsely declared the plot’s area as 9,282 sq m against the actual, 7,197 sq m. The false declaration helped the builder gain additional floor space of 27,000 sq ft.
Subsequently in 1989, the top eight floors of the tower were declared illegal and demolished by BMC. In 2019, the remaining 28 floors of the building were also razed down.
Among the original buyers were high net worth individuals, NRIs and private firms, along with renowned singers like Lata Mangeshkar and Asha Bhonsle.
