43,000 sq feet of realty up for grabs! But who’s buying?

For one, these properties belong to the underworld don Dawood Ibrahim. And secondly, real-estate prices are at an all-time low. Fate and circumstance seem set to thwart yet another effort to bring a case concerning the Karachi don to a just conclusion.

Underworld Dawood Ibrahim’s properties were confiscated after his role in the serial bomb blasts in the city in March 1993 was exposed. His properties were later seized in lieu of his outstanding Income-Tax dues, estimated around Rs 10 crore.

According to sources in Income Tax, a public auction of the properties will be held at Hotel Diplomat at Colaba around 3 pm on January 11. They will be available for inspection on 8th and 9th January between 11 am and 5 pm, sources added. But who’s buying?

Sources say the properties are under occupation and some still serve as hideouts for members of the Dawood gang. This is despite the fact that some of the buildings were partially pulled down last year by the Demolition Man, municipal commissioner G Khairnar.

The reserve prices for the properties are not steep, but who will dare to buy properties belonging to the underworld don. Entering the buildings itself is a risk, leave alone buying them.

A glaring case in point is that of a lensman of a reputed TV channel who was manhandled and abducted when he tried to take some pictures of the building this afternoon. He was released only after the cassette was erased.

Apart from the hazards of acquiring a property with such a past, conditions in the real estate market are far from ideal. "Already real estate prices have hit an all-time low. There have been almost no sales in the previous I-T auctions in the last three years. The chances will be even less when buyers come to know that the properties belong to Dawood Ibrahim," said a real estate broker.

More than 42,786 square feet of prime property belonging to Dawood is being auctioned on January 11 with a reserve price tag of Rs 470 lakh.

Tax recovery officer (ward-8) P V Nair, in a notification, has announced the decision to sell "the property of Shri D Kaskar, resident of 94/96 Temkar Street, Mumbai" by public action on January 11. Earnest money of Rs 50,000 could be paid to him by way of pay order, the order says.

The properties range from Mohammed Mansion at Baker Lane in Mazgoan, which is the biggest of the lot measuring 13,343 square feet, to Umera Engineering Works’ Unit No 11 at Jeerabai Lane, Tardeo, the smallest at 144 sq feet. The estimated reserve prices are from between Rs 2 lakh to Rs 105 lakh.

Some of the other properties up for auction include Damarwala Building (8,595 sq ft) at Yakub Street, Rajgara Mansion (4,109 sq ft) at Mandvi, Raunak Afros Hotel (775 sq ft) at Pakmodia Street, 24, Yakub Street (1,610 sq ft), Industrial Gala 22/32 (297 sq ft) at Tardeo.

Other are 22, Temkar Street (3,792 sq ft), 99/101, Ghaswalla Lane (2,832 sq ft) at Temkar Street, Garib Nivas Guest House in Ismail Building (297 sq ft) and Parkar Mansion 9, Khodia Street at Nagpada (6,992 sq ft).