Because of tragic incidents related to Madhuli Society at Worli and its vicinity, nobody wants to buy Harshad Mehta's 8 inter-connected apartments to be auctioned on February 4
Because of tragic incidents related to Madhuli Society at Worli and its vicinity, nobody wants to buy Harshad Mehta's 8 inter-connected apartments to be auctioned on February 4
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The Harshad Mehta scam shook the stock market in 1992, but it still has an impact on his residence. Not many bidders showed interest in Mehta's eight inter-connected flats on the third and fourth floor of the 14-storeyed Madhuli Cooperative Housing Society at Worli on Monday and Tuesday between 11 am and 1 pm, the time assigned by the court to view the property. A court-appointed custodian is to auction flats on February 4.
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A broker said that many believe that this 14-storeyed building with 50 flats and its surrounding areas are jinxed. "My client was not satisfied. The area has witnessed many bad incidents in the past," said the broker.
Biscuit tycoon Rajan Pillai, who died in police custody in 1995, wasu00a0 a resident of the same building. In the vicinity, stands Poonam Chambers whose B-wing collapsed in 1997, and claimed more than 15 lives. In 2000, a major fire engulfed its A-wing.
Two years ago, not many buyers had bid for Mehta's flats, when it was put up for auction. Ashok Gulati, chief MD, Sun Realty India a real estate consultant firm, who visited the flats then, said, "The house was not properly maintained and the paint had peeled off. Who will buy such a huge apartment?"
Amit Jhaveri, secretary of the Madhuli society, rubbished the rumours. "We regularly perform pujas here. If the building was jinxed, nobody would be living here," said Jhaveri. He also added that Mehta owed the society around Rs 2 crore.
The sale proceeds
As per a SC ruling, after the bids are received, the special court shall approve the sale proceeds. A part of the proceeds will be used to pay off the income tax, banks and others debts Mehta owed. No price has been reserved for the flats, but the ongoing rate in the area is Rs 30,000 per square ft.
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