Saifee Trust Buys Dawood's Property in Mumbai for INR 3.51 cr
There were two bidders for the property, for which the reserve price was Rs 79.43 lakh. Apart from the SBUT, a Delhi-based lawyer, Bhupendra Bharadwaj, was the other bidder.
"I had bid Rs 1,91,43,000 and had won the public auction. I did not participate in the e-bidding, where the SBUT made a higher bid," Bharadwaj told PTI.
A three-stage process was involved in the auction of the property - public auction, e-bidding and the opening of sealed tenders.
Asked about the auction, the SBUT spokesperson said, "The 'Masulla' building has been declared unfit for living and poses a serious risk to the lives of tenants and pedestrians.
"Therefore, we participated in the auction and acquired the building to redevelop it as a part of our ongoing Bhendi Bazaar redevelopment project."
The project envisages redevelopment of approximately 250 existing buildings and 1,250 shops in the congested but upscale Bhendi Bazar area.
The properties were Shabnam Guest House, six flats in "Damarwala" building and a restaurant, Raunaq Afroz, all located in Bhendi Bazaar and belonging to Dawood Ibrahim and his family.
Ibrahim, designated by US authorities as a global terrorist, is a key accused in the 1993 serial bomb blasts in Mumbai.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)