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Mumbai: In a city where slum encroachment is rampant, even some of the biggest private landowners are helpless and have no option but to get rid of their prime real estate. Industrialist Nusli WadiaOne of Mumbai’s top five private land-owners, he has blocked nearly 20 acres of land in the western suburbs of Malad.
These land parcels belong to FE Dinshaw Charities And FE Dinshaw Trust, of which Wadia is the administrator, and has been heavily encroached upon by slums. billionaire businessman and president of Wadia Group Bids have been invited to sell these lands on “AS IS WHERE IS AND AS IS WHAT IS BASIS” through open tenders recently. Experts pointed out that such sales could severely devalue prime assets.
‘Precious plots of the city stuck due to encroachment’
Experts say that though the Wadia group has a flourishing real estate company, it has not been involved in slum rehabilitation projects after Nusli Wadia put 20 acres of slum-encroached land on the block.
“The intention is to sell these parcels to anyone interested in slum redevelopment. Slum redevelopment is not for the faint-hearted. Big developers in Mumbai generally stay away from slum rehabilitation schemes. Such projects are a mess because Developers must deal with slum dwellers, goons and politicians,” said a property market source. A questionnaire sent to Wadia’s spokesperson last week did not elicit any response.
Gulam Zia, Senior Executive Director, Knight Frank India, said, “Encroachment and slums are one of the biggest problems Mumbai landlords are struggling to solve. are stuck. Some of the most influential and influential. Even respected groups have failed to find a solution. Such players are also wary of damaging their image as these projects turn ugly during the resolution process. Such land Attempts to sell parcels on an ‘as is where is’ basis can seriously devalue pieces of land.”
The tender for the sale of FE Dinshaw land, announced in early November, has set the reserve price at 25% of the ready reckoner rate, which according to some land appraisers TOI spoke to translates to around Rs 100 crore.
The three plots of land put up for sale include 44,852 square meters of land owned by FE Dinshaw Charities and 29,935 square meters and 9,931 square meters of land owned by FE Dinshaw Trust. The total area of all three is about 20 acres and they are located in Malad (E), Taluka Borivali village. Demand is being made to sell these parcels along with the encroachers. In 2015, a slum authority survey revealed that the Nusli Wadia-controlled FE Dinshaw Trust owned 683 acres of land in the Malad/Kanheri area.
FE Dinshaw was a Parsi solicitor-financier and landowner who died in 1936. He bequeathed the entire property (about 1,500 acres) to his daughter Bachubai and son Edulji in two undivided equal parts. The son’s portion was called the FE Dinshaw Estate, while his sister Bachchubai established the FE Dinshaw Public Charitable Trust to manage her portion.
Wadia became the administrator of the FE Dinshaw estate and was also in the trust set up by Bachubai. in 1977 when Maharashtra When the government began tabulation of land holdings soon after the Urban Land Ceiling Act came into force, it was found that FE Dinshaw had about 1,500 acres under his control. A major portion was later acquired by the government under the now-defunct Act. A portion of 65 acres was given to MHADA for low-cost housing and another 65 acres for a low-cost public housing scheme called Nagari Nivara in Goregaon. The Goregaon Sports Club and the BMC’s Malad Reservoir are located on land that once belonged to Dinshaw. In the 1990s, the trust entered into an agreement with Raheja, one of Mumbai’s oldest developers, to develop trust properties in Malad, Dindoshi and Kandivali. The 110-acre Mindspace IT Park in Malad is a part of this expansion.
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