- Notwithstanding anything contained in section 140 or any other provisions of this Act, during the period of twenty years [from the 23rd November, 1995] or from the date of first occupation of the tenements hereinafter specified, whichever is later, the property tax in respect of the residential tenements having carpet area not exceeding 350 square feet, situated in a building, in the Island City of Mumbai, which, -

(a) is entitled to FSI benefit under regulation 33(7) of the Development Control Regulations for Brihan Mumbai, 1991; and

(b) is a cessed building governed by the Maharashtra Housing and Area Development Act, 1976 and is reconstructed or redeveloped by, -

(c) belongs to the Corporation, was first constructed prior to 1940 and is reconstructed or redeveloped, by the co-operative housing society formed by its occupiers;