India, July 25 -- In a significant ruling for housing societies across Maharashtra, the Bombay High Court has held that real estate developers cannot withhold or delay the conveyance of land and buildings to cooperative housing societies merely to preserve rights over future Floor Space Index (FSI) arising from changes in development regulations. The court reaffirmed that once a project is completed and a housing society is formed, developers are legally bound to transfer ownership to the society.

The judgment is expected to benefit thousands of housing societies in Mumbai and the Mumbai Metropolitan Region that have been waiting years for conveyance despite taking possession of their homes. In many cases, developers have delayed the pro...