The intention to sell the building in Tardeo for ₹5.5 crores has sparked criticism, with claims that the trust is disposing of properties without consulting the community, who are beneficiaries of the trust.
In Mumbai, Parsi-Zoroastrians are expressing concern over their apex trust’s proposal to sell a four-storeyed building, Bai Mahal, located on Wadia Street, comprising around 35 tenements, at a price they consider exceptionally low.
The Bombay Parsi Punchayet (BPP), among Mumbai’s largest landowners, has issued notices inviting buyers for Bai Mahal at Rs 5.5 crores. This move has stirred allegations that the trust is selling off properties at a meager value without involving the community, who benefit from the trust. Notably, a 1500-square-foot apartment in the area costs between Rs 10 and 15 crores, with property prices ranging from 60,000 to 70,000 per square foot.
Khushru Zaiwala, a Bombay High Court advocate, criticized the deal in a letter to the BPP, labeling the trust’s actions as a breach of trust and charity fraud. Zaiwala emphasized the trustees’ pledge to protect the properties of the Bombay Parsi Panchayat, expressing disappointment at the turn of events.
Bai Mahal, like many BPP-owned properties, was bequeathed to the trust by an heirless former owner. Spanning an area of 497 square meters, the building has a potential developable Floor Space Index (FSI) of up to 4.5. Zaiwala warned that if the trust continues selling assets at such rates, every charitable trust property under BPP’s ownership could be at risk.
Viraf Mehta, a BPP trustee, defended the pricing, stating the feasibility study highlighted the building’s full occupancy and limited redevelopment scope due to land constraints. He mentioned the lack of funds to renovate the dilapidated structure.
Dinshaw Mehta, a former BPP trustee, revealed their compulsion to sell, citing advice from auditors that conducting business would jeopardize their tax-exempt status. He stressed that only a few tenants are Parsis and that the stated price is a base figure.
Community members demanded transparent disclosure of deal specifics beforehand, emphasizing the need for prior information on plans to liquidate trust properties. While the BPP trustee stated the tender publication aimed for transparency, community members advocated for developing the building for Parsi families due to housing shortages.
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Information Source: Internet
