Dawood's Massula Building

Dawood's property located at Pakmodia Street in Mumbai to be auctioned soon. The reserve price for this property has been kept at Rs 79,43,000. The earnest money needs to be deposited by August 6, 2018

Smugglers and Foreign Exchange Manipulators Act (SAFEMA) expects to pocket in around Rs 2-3 crore from Dawood's Massula Building.

Another property of Dawood Ibrahim would get auctioned soon. Once again, the Smuggling and Foreign Exchange Manipulators (Forfeiture of Property) Act, known as SAFEMA, is all set to auction one more Dawood's property located at Pakmodia Street in Mumbai on August 9, 2018.

SAFEMA under Ministry of Finance has invited bids for sale of nine properties located in Mumbai, Aurangabad, Valsad, Daman, Surat and Ahmadabad. Out of these nine properties, only one property belongs to Dawood family i.e. Masulla Building (C.S. No 4275), situated at 24/26 Pakmodia Street and 28/29 Bapty Road, Bhendi Bazaar, Mumbai - 3, also known as - Amina Building, which would now get auctioned.

The reserve price for this property has been kept at Rs 79,43,000, with the Earnest Money Deposit (EMD) of Rs 25 lakh. The earnest money needs to be deposited by August 6, 2018. Later, it would be sold through e-auction, public auction and sealed tenders on August 9 at YB Chavan auditorium between 10 am to 12 noon.

The competent authority (statutory authority under SAFEMA) has issued the advertisement calling for the sale of Dawood's property. As per the tender advertisement, interested parties could do the inspection of this property along with SAFEMA officials on July 24, 2018.

Last year, the Saifee Burhani Upliftment Trust (SBUT) won the bids with highest price of Rs 11.50 crore for Dawood's three properties that went under the auction by SAFEMA.

The three properties (Shabnam Guest House, Damarwala building & Hotel Raunaq Afroz) fall under ongoing Bhendi Bazaar Redevelopment Project. These buildings are not in good condition and hence, unfit for living. Therefore, to ensure the safety of the families living in these buildings and to carry on with the redevelopment project, we participated in the bidding and acquired these properties, SBUT spokesperson had stated in its official release.

This time, SAFEMA expects to pocket in around Rs 2-3 crore from Dawood's Massula Building i.e. Ground Plus Four Storey, and "even time, SBUT might be the front runner in the list of potential bidders".