( 1 ) THE petitioner is a company engaged in the business of construction of commercial and residential complexes. One Sri Vishnuvardhan obtained building permission for construction of stilt plus three floors of residential building, vide Permit No. 410/93, dated 19-5-1993 on his plot in Road No. l, Banjara Hills, Hyderabad admeasuring 654 Sq. Yards. Under an agreement of sale the petitioner purchased the said property and also acquired all the rights. It is alleged that the vendor of the petitioner commenced the construction within one year as per the building bye-laws and by the time the petitioner purchased the property, the stilt plus 3 floors were already completed. As per the Zoning Regulations, the plot number of the petitioner, Road No. l, Banjara Hills fell in residential area. Therefore, Sri Vishnuvardhan had made a representation dated 28-8-1997 seeking conversion of land use from residential to commercial. The Government by letter No. 19451/11/97-1, M. A. , dated 8-9-1998 called upon the Municipal Corporation of Hyderabad respondent No. l, to offer their comments on the application made by Sri Vishnuvardhan seeking relaxation of Zoning Regulations. The