Cuffe Parade flat gets 30cr in public auction
The 3,000 sq ft apartment in Maker Towers B was put up for auction following insolvency proceedings against a city businessman who owned the flat that sold for Rs 1.01 lakh per sq ft. The prominent businessman outbid others at a public auction in the Bombay high court on Tuesday with his offer of Rs 30.50 crore for a seafacing Cuffe Parade flat.
Arif Fazlani, managing director of Sopariwala Exports, as the highest bidder after he outbid another bidder, who already has another flat in the same building declared by Justice Shahrukh Kathawalla. “In the event of any default on the part of Fazlani in payment of any installment, the amount paid by him prior to such default shall stand forfeited,” said Justice Kathawalla. Fazlani, who has already deposited Rs 10 lakh, was allowed to pay the remaining Rs 30.40 crore in two installments on or before April 1, 2014.
Once the payment is made, the current owner will peacefully hand over the vacant flat to the official assignee who will in turn hand it over to Fazlani said the court.
A property expert said the flat fetched a little more than the market price. The source said, “Flats in the building sell for between Rs 28-30 crore,” He added, “The flat has an unrestricted view of Marine Drive and the Arabian Sea. The building itself is well maintained and well managed. It is very rare that flats measuring 3,000 sq ft in the building are put up for sale as owners do not want to sell it. It is only because of the insolvency proceedings and the public auction that the flat came into the market,”
Fazlani’s Sopariwala Exports was set up in the 1970s.
The group has other businesses and also runs a school in Mazgaon. The firm’s website claims it is India’s leading exporter of tobacco and tobacco products to 75 countries across the globe, with factories in Gujarat.
The flat with open parking space has nine rooms, including four bedrooms with attached toilets, aliving room, one kitchen, one dining hall, one utility room and a servant’s room with attached toilet.
The HC gave its go-ahead for the flat’s public auction after the businessman reached an agreement with his creditors as the flat’s original owner had claimed bankruptcy in 2002 after running up debts.
Arif Fazlani, (managing director of Sopariwala Exports) which exports tobacco products, snapped up the 3,000 sq ft apartment in Maker Towers B. Rs 10 lakh has already been deposited and has time till April 1 to pay the balance
Source: Times of India
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