K.K. Tated, J.

Rule. Rule made returnable forthwith. With the consent of the learned counsel for the parties, this Petition is heard finally at the stage of admission.

2. Present Petition is filed by the Petitioners under Article 14, 19, 226 and 227 of the Constitution of India seeking declaration that the reservation of Petitioners’ land is lapsed for not acquiring inspite of purchase notice issued by them under Section 127 of the Maharashtra Regional and Town Planning Act, 1966. It is the case of the Petitioners that they are owners of land situated at Shirasgaon, Tq-Shrirampur, Dist-Ahmednagar bearing Gut No.92 admeasuring 5 Hectors. The said land is within Shrirampur Municipal Council, Shrirampur - Respondent no.5. It is the case of the Petitioners that Respondent No.5 prepared development plan for the development of the area of Municipal Council limits in which the Petitioners’ land is situated. The development plan of Shrirampur was finally sanctioned by the Director of Town Planning - Respondent No.3 by its order dated 23/5/1990. It is the case of the Petitioners that as per the sanctioned development plan out of "Gut No. 92 a piece of land admeasuring 6360 sq. mt