Mumbai: Harshad Mehta’s Iconic Juhu Flat Up for Auction Again
A sea-facing apartment in Juhu, linked to the late stockbroker Harshad Mehta, is once again on the auction block. Despite previous failed attempts, the special court has permitted the sale of this historic property.
Harshad MehtaJuhu FlatAuctionSecurities ScamPropertyReal Estate MumbaiNov 12, 2025
The flat, located within the Janki Kutir compound in Juhu, home to the iconic Prithvi Theatre, occupies the second floor of the Vandana Cooperative Housing Society and spans a super built-up area of 1,150 square feet. The special court, on October 10, permitted the sale of the property on an “as is, where is” basis, meaning it will be sold in its current condition without any alterations or guarantees.
The property was owned by Sushila Shah, a partner in Romil Exports, who was listed as a judgment debtor of Orion Travels, a company in which Harshad Mehta and his brother Ashwin Mehta were partners. In legal terms, a judgment debtor refers to an individual or entity ordered by a court to pay a specific amount of money.
A public notice issued on Monday invited offers from potential buyers interested in purchasing the Juhu flat. According to a Hindustan Times report quoting local real estate sources, unencumbered properties in the same building fetch between Rs 45,000 and Rs 50,000 per square foot, which could place the apartment’s valuation at over Rs 5 crore.
However, this is not the first attempt to sell the flat. Previous auctions in 2021, 2023, and February 2025 failed to attract bidders, likely due to the property’s legal complexities and historical association with Mehta’s tainted legacy.
The apartment is part of the long list of assets linked to Harshad Mehta that have been seized and auctioned following the exposure of the 1992 securities scam. Over the years, several of his high-value properties have been sold, including eight apartments in the Madhuli building at Worli Sea Face, measuring about 12,600 sq ft in total. In February 2009, Mumbai-based stockbroker Ashok Samani purchased these flats for Rs 32.6 crore.
Harshad Mehta, dubbed the Big Bull for his aggressive trading style, was the mastermind behind the Rs 700-crore securities scam of 1992. Using forged bank receipts and fraudulent transactions, he manipulated stock prices to create an artificial market boom. The scam’s eventual collapse led to massive financial losses for investors. Mehta was arrested and charged in 27 criminal cases, convicted in four, and died in 2001 following a heart attack while in judicial custody.
Frequently Asked Questions
What is the current status of the Juhu flat linked to Harshad Mehta?
The Juhu flat is currently up for auction again, as permitted by a special court dealing with securities-related offences. It is being sold on an 'as is, where is' basis.
What is the estimated value of the Juhu flat?
According to local real estate sources, unencumbered properties in the same building fetch between Rs 45,000 and Rs 50,000 per square foot, placing the apartment’s valuation at over Rs 5 crore.
Why did previous auctions of the Juhu flat fail?
Previous auctions in 2021, 2023, and February 2025 failed to attract bidders, likely due to the property’s legal complexities and historical association with Harshad Mehta’s tainted legacy.
What is the significance of the Juhu flat in the context of Harshad Mehta's assets?
The Juhu flat is part of the long list of assets linked to Harshad Mehta that have been seized and auctioned following the exposure of the 1992 securities scam.
What was the outcome of the 1992 securities scam involving Harshad Mehta?
Harshad Mehta, known as the Big Bull, was the mastermind behind the Rs 700-crore securities scam of 1992. He used forged bank receipts and fraudulent transactions to manipulate stock prices, leading to massive financial losses for investors. Mehta was arrested, charged in 27 criminal cases, and convicted in four.
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