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Issues:
1. No objection certificate denial for purchasing land in Boat Club area. 2. Valuation discrepancy between proposed purchase price and fair market value. 3. Interpretation of agreement with Binny Limited for land purchase. 4. Allegation of authority misleading itself in judgment. Analysis: 1. The petitioner sought a no objection certificate for buying 15.1 grounds in Boat Club, Madras, but the Appropriate Authority refused, citing a valuation issue. The total consideration was Rs.5,85,01,540 for a larger area the petitioner agreed to buy from Binny Limited. The authority directed compulsory purchase of 13.1 grounds due to a perceived undervaluation. 2. The Appropriate Authority based its decision on the fair market value of land in the area, determining it at Rs.59.02 lakhs per ground. The authority found the proposed rate of Rs.44 lakhs per ground for the 13.1 grounds purchased by the petitioner to be significantly lower, triggering the compulsory purchase directive. 3. The petitioner had a prior agreement with Binny Limited to buy 46.945 grounds for Rs.2,565 lakhs, with the option to nominate associates for purchases. The authority failed to consider the comprehensive nature of this agreement, leading to a misinterpretation of the transaction structure and valuation. 4. The judgment highlighted the authority's oversight in not fully grasping the intricacies of the agreement between the petitioner and Binny Limited. The court set aside the authority's order and remanded the matter for fresh consideration, emphasizing a proper evaluation in line with the agreement's terms and observations made during the hearing. This detailed analysis covers the valuation dispute, agreement interpretation, and the authority's misjudgment, ultimately resulting in the remand of the case for a fair reassessment.
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