Between 2015 and 2018, four petitions were filed by individuals who claimed to have been selected through a lottery in 2014 to purchase land from the Life Insurance Corporation (LIC). Each petitioner had paid Rs 1,00,000 and was awaiting formal lease registration. However, the process was delayed due to complications under the Forest Conservation Act, 1980, as the land was part of a reserved forest. The LIC was unable to obtain the updated record of rights (RoR), which is necessary for registration.
After a prolonged wait, the RoR was eventually updated, but the LIC decided to cancel the earlier allotments and offered refunds to the petitioners instead. The LIC cited rising real estate prices and legal hurdles as the reasons for the delay. However, the court noted that the petitioners were not at fault and had complied with all the conditions.
The court, presided over by Justice Shripad, ruled in favor of the petitioners. The judgment stated that the petitioners must pay an additional 10% over the originally agreed flat price to account for market changes. In return, the LIC must honor the original allotments. This means that the petitioners will finally be able to register their leases and obtain formal ownership of the land, albeit at a slightly higher price than initially agreed upon.
The court’s decision recognizes the petitioners’ rights and acknowledges that they had fulfilled their obligations. The additional 10% payment is a reasonable compromise, considering the significant increase in real estate prices over the years. The judgment also ensures that the LIC honors its original commitments, providing a sense of closure and resolution for the petitioners. Overall, the court’s ruling is a fair and balanced outcome, taking into account the complexities of the case and the interests of all parties involved.