(1.) We have heard learned counsel for both sides.
(2.) Rule, made returnable forthwith. With the consent of both the sides, the matter is heard finally at the stage of admission.
(3.) By the present petition under Article 226 and 227 of the Constitution of India, the petitioners, who are owners of land which is reserved in the final development plan of Shahada Nagar Parashad, are seeking a declaration regarding lapsing of reservation in view of sec. 127 of the Maharashtra Regional and Town Planning Act, 1966 ( hereinafter, 'the MRTP Act')