Cuffe Parade flat fetches 30cr in public auction
For a seafacing Cuffe Parade flat, a famous businessman outbid others at a public auction in the Bombay high court with his offer of Rs 30.50 crore. For liquidation proceedings against a city businessman who owned the flat the 3,000 sq ft apartment in Maker Towers B was put up for auction. The flat was thus sold for Rs 1.01 lakh per sq ft.
In words of industry
Arif Fazlani, managing director of Sopariwala Exports was the highest bidder as declared by Justice Shahrukh Kathawalla after he outbid another bidder, who owns another flat in the same building. Fazlani already deposited Rs 10 lakh and was allowed to pay the remaining Rs 30.40 crore in two instalments on or before April 1, 2014. “If Fazlani fails to pay any instalment, the amount paid by him prior to such default shall stand forfeited”, stated Justice Kathawalla.
As stated by court current owner will calmly hand over the vacant flat to the official assignee who will in turn hand it over to Fazlani, once the payment has been done.
The layout of the flat has nine rooms, including four bedrooms with attached toilets, living room, one kitchen, one dining hall, one utility room and a servant’s room with attached toilet; it all comes with open parking space.
In the 1970s Fazlani’s Sopariwala Exports was set up.
With factories in Gujarat, the website affirms it is India’s leading exporter of tobacco and tobacco products to 75 countries across the globe. The owner has other businesses and also runs a school in Mazgaon.
In 2002, the flat’s original owner had claimed bankruptcy after running up debts. After the businessman reached an agreement with his creditors the HC gave its head for the flat’s public auction.
Source: The Times of India
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