Saifee trust buys Dawood Ibrahim’s Masulla building in Mumbai for ₹3.51cr

Masulla building on Pakmodia Street, which is owned by underworld don Dawood Ibrahim, was bought by the Saifee Burhani Upliftment Trust for ₹3.51 crore at a public auction

Masulla building on Pakmodia Street, which is owned by underworld don Dawood Ibrahim, was bought by the Saifee Burhani Upliftment Trust (SBUT) for ₹3.51 crore at a public auction on Thursday, which saw two bidders participate. The other bidder was Delhi-based lawyer Bhupendra Bharadwaj. This is the fourth property of Ibhrahim’s that SBUT has acquired.

Dawood Ibrahim

“Masulla building has been declared unfit for living and poses serious risk to the lives of tenants and pedestrians. Therefore, we participated in the auction and acquired the building to redevelop it as a part of our ongoing Bhendi Bazaar redevelopment project,” said a spokesperson of SBUT who requested anonymity.

The auction of Masulla building, also known as Amina mansion, was conducted by the ministry of finance under the Smuggling and Foreign Exchange Manipulators (Forfeiture of Property) Act, known as SAFEMA. There was a public auction, e-tenders and sealed tenders for Masulla building.

The reserve price for the property was kept at ₹79.43 lakh and all bidders were to submit an earnest money deposit (EMD) of ₹25 lakh to participate. Bharadwaj was the highest bidder ( ₹1.91 crore) in the public auction, but SBUT clinched the deal in sealed tenders.

“It was my bad luck just like last time,” said Bharadwaj. SBUT now owns four plots that were originally Ibrahim’s: Shabnam Guest House, Damarwala building, Hotel Raunaq Afroz and Masulla building.

All of them fall within the ambit of the 16.50 acre cluster that SBUT is redeveloping as part of its redevelopment of Bhendi Bazar, which will rehabilitate 3,200 residents and 1,250 commercial establishments.