G.S. Patel, J.

1. By this Court’s order of 20th August 2013, parties were put to notice that the Petition would be heard finally at the stage of admission. Hence, Rule. On the Respondents waiving service, by consent, Rule made returnable forthwith and taken up for final hearing.

2. Towards the southern end of the Island City of Mumbai, just off Colaba Causeway and at the end of a narrow lane, Narayan Sawant Marg, there lies a very large property. To its east is Mumbai’s harbour; to the south, Sassoon Dock. A Naval establishment, INS Shikra, abuts the property on its north and north-east; and, to the west is a developed area that includes several residential buildings, a municipal school, a Naval boat workshop, the Colaba Fire Station and, beyond, Colaba Causeway.

3. This land, City Survey Nos. 18/69, 19/69 and 128 of the Colaba Division, belongs to the 1st Petitioner (“TCI”). It covers 39,276 sq mts, just under 10 acres. There are several structures on it, most of them now abandoned. Once, this was one of Mumbai’s many fabled cotton textile mills. It is known as Mukesh Mills. Most of the others are concentrated in Central Mumbai. This is the only one in South Mumbai. It is