A Parsi trust’s building in Five Gardens area of Dadar-Matunga is up for redevelopment. The trust is looking for a bidder for purchase of the property, once redeveloped only Parsi’s will be allowed to buy in the redeveloped building.
By Varun Singh
The Trustees of the Boyce Building Dadar No.671 belonging to the Boyce Trust Fund as Parsi trust, has invite bids from
reputed bidders for purchase of the immovable property of the Trust being a building of ground and two
storeys situated at Dadar-Matunga Estate, Dadar Parsi Colony.
The bids are invited by the Parsi trust, for purchase along with land adjacent thereto admeasuring approximately 551 sq.mtrs. for demolition and reconstruction,
The bids have to comply with all the following terms and conditions
- The Property comprises of a MHADA covered residential building having six Parsi tenants (‘Tenants’) and the sale is on an”as is where is’ basis, subject to the Tenants, whose rehousing shall be the Purchaser’s responsibility and obligation
- The Property is covenanted for the use and occupation of Parsi Zoroastrians only and the Purchaser will have to undertake to abide by the covenant at all times even after the sale.
- Every bid must be placed in a sealed envelope containing comprehensive KY details about the bidder and state a lump sum offer price for purchasing the Property which shall not be less than Rs. 9 (nine) crores (“Reserve Price”).
- The bid must be accompanied by a Pay Order / RIGS of Rs.2 (two) crores which shall be adjusted against the purchase consideration, if the bid is successful, or otherwise refunded without interest, if the bid is not accepted, within 5 working days, of the completion.
- In addition to the purchase consideration, the bidder shall be required to provide one apartment admeasuring 500 sq. ft. RERA
carpet, in the new building, free of cost, on an ‘ownership basis’ to the Trust, - The entire purchase consideration shall be paid by the successful bidder within 60 days of the receipt of the CC sanction order and the execution of the deed of conveyance by the Trust in favour of the purchaser entity. Time as to payment being of the
essence. - Stamp duty and registration expenses shall be borne and paid by the successful bidder.
- Every such bid in a sealed envelope must be deposited at the office of the Trust at 236A, Tardeo Road, Javaji Dadaji
Marg, Tardeo, Mumbai – 400007, on or before 12 noon on August 25, 2022; and all such offers shall be opened in the presence of the bidders, on a date to be intimated to all bidders. - It is expressly declared and notified that the Trustees are under no obligation whatsoever to accept the highest valid bid, even if it is above the Reserve Price, and may in their absolute discretion, reject any and all bids, without assigning any reason for the same.
- By lodging the bid, the bidder will be deemed to have accepted all the terms and conditions above. The slightest deviation shall result in rejection of the bid.
The notice issued is dated July 26, 2022, and Hosi Dastur, chairman signed it for for the Board of Trustees.
When this reporter visited the trust office, he was informed that the chairman was out and will meet only a day later, the man at the office confirmed the details.
The reporter visited the building and there he met one of the residents who was currently residing with his brother on the ground floor. Every floor has two tenants each thus taking the number of tenants to six. The lady who met the reporter said, “The building is close to 100 years old and needs urgent redevelopment. We aren’t expecting anything from the developer who comes in except for a good house in return.”
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