MUMBAI: Three high-value properties on Mumbai’s upscale Nepean Sea Road, including two apartments linked to the Videocon Group, have been put up for auction by banks seeking to recover outstanding dues.
Two of the properties belong to Videocon Industries and are located at Videocon House, also known as Vissanji Estates Co-operative Housing Society, situated at the southernmost end of Nepean Sea Road. The adjoining apartments, located on the first floor, have been merged into a single residential unit with a carpet area of 7,688 sq ft and a super built-up area of 9,994.40 sq ft.
Bank of India has put the merged apartments up for auction with a reserve price of ₹65.96 crore. Based on the carpet area, the reserve price works out to around ₹85,800 per sq ft, while market rates for apartments in the building are estimated at around ₹1 lakh per sq ft.
Vissanji Estates Private Limited, which owns the property, is a subsidiary of the Videocon Group. Industrialist Venugopal Dhoot served as one of its directors until 2007. In February this year, the Enforcement Directorate issued notices to Dhoot and several companies based on a chargesheet alleging a bank loan fraud of ₹61,700 crore. Dhoot continues to be the managing director of Videocon Industries, although the company’s website states that his powers are suspended as the firm is currently undergoing a corporate insolvency resolution process.
Another property slated for auction is located in the landmark Dariya Mahal building, a few metres ahead of Videocon House on Nepean Sea Road. The first-floor apartment, measuring 1,060 sq ft of carpet area, is part of the Sagar Teer Co-operative Housing Society.
The apartment and its parking garage have been listed for auction separately. The reserve price for the residential unit has been set at ₹12.96 crore, while the garage carries a reserve price of ₹1.34 crore.
The property is owned by Jindas Jain and his wife Rekha Jain, associated with yarn manufacturer JP Modatex. Bank of Baroda has initiated recovery proceedings against the immovable assets to recover dues amounting to ₹42.78 crore along with other charges. The auction is scheduled to take place next month.