By Shivani Muthanna/CNBC-TV18

Nusli Wadia has moved to the Mumbai High Court against real estate developer-GL Raheja. Wadia claims that the GL Raheja Group breached an agreement related to 478 acres of prime land in Malad in Mumbai.

For Nusli Wadia, the head honcho of the Bombay Dyeing Group, it's a case of history quite literally repeating itself.

Rewind to 1995, when Wadia's family trust - the Eduljee Framroze Dinshaw Estate signed a land agreement with the GL Raheja Group's Ferani Hotels.

The agreement stated that the Rahejas could develop 478 acres of the trust's land in Malad by paying 12% of the revenues to the Wadia family.

So, GL Raheja Group developed 8 plots of land into prime facilities like Palm Springs Center, Unique Commercial Complex and Interface.

But the agreement came with a rider, that the group could only sell or lease the developed property to third parties. It's this rider that is the bone of contention.

A notice issued by Wadia on Tuesday alleges that the GL Raheja Group has sold and leased the developed property to as many as 46 of its sister concerns.

Sources allege that the group has done that at prices that are far below the market rates. The Gl Raheja Group was not available for comment. 

The Wadia family trust is now demanding its land back and even claiming damages.

Doijode Associates, the lawyers for the Wadia camp say that the group will claim damages amounting to Rs 1,370 crore. The Wadias have also terminated the agreement singed in 1995 with Ferani Hotels. But it's not the first time that the Wadia Trust has walked the termination way.

Three months ago, the trust terminated its agreement with K Raheja Corporation on similar grounds.

That agreement involved 200 acres of prime property in Malad and included Inorbit Mall and BPO hub - Mindspace.

Both these cases are now in the Mumbai High Court and K Raheja Corporation’s case comes up for hearing on June 25. The Wadias are still awaiting the date for their appeal against the GL Raheja Group.