India, July 21 -- Calling out a real estate developer's "greed to make more profits", the Bombay High Court last week dismissed its petition opposing the grant of deemed conveyance to a housing society in Vile Parle (West), ruling that builders cannot exploit additional Floor Space Index (FSI) arising from subsequent changes to development regulations.

"This way, no developer would ever convey land to the organisation of flat purchasers and would continue to take benefit of further additional FSI made available due to change in FSI regime," justice Sandeep Marne observed.

Conveyance is the transfer of ownership of the land and common areas from the developer or landowner to the cooperative housing society formed by flat owners. The ruli...