Parmar's son Abhishek had filed an application which came up for hearing before the Thane District Judge AS Bhaisare.
Vikas Patil-Shirgaonkar, appearing for Hanumant Jagdale (NCP), opposed the application and told the court that as the seized goods did not belong to the applicant it should not be returned.
Special public prosecutor Raja Thakare in his submission informed the court that the mobile could be returned but not the revolver of the deceased builder.
The corporators named in the suicide note - Vikrant Chavan of the Congress, Najib Mulla and Hanumant Jagdale of the NCP, and Sudhakar Chavan, an independent -surrendered to the police after the HC rejected their plea for anticipatory bail in December 2015.
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They were released on bail in February 2016.
The four have been charged under sections 306 (abetment of suicide) of the IPC and various sections of the Prevention of Corruption Act.
The case will be next heard on April 29, 2017 when the say of other accused on the application will be heard by the judge.