Section 460O(2) in The Mumbai Municipal Corporation Act, 1888
(2)No contract for the acquisition of any immovable property shall be valid, if the price to be paid for such property exceeds five thousand rupees unless and until such contract has been approved by the [Brihan Mumbai Electric Supply and Transport Committee] [These words were substituted by Maharashtra 27 of 1999, Section 173(b), (w.e.f. 23-4-1999).].
