Sea-facing Juhu Flat Linked to Harshad Mehta to Be Auctioned
A sea-facing apartment in Juhu, linked to the infamous stockbroker Harshad Mehta, is set to be auctioned by a special court. The 1,150 square feet flat, located in the Vandana Cooperative Housing Society, has been put up for sale on an 'as is, where is' basis.
Harshad MehtaJuhu FlatReal EstateAuctionSecurities ScamReal Estate MumbaiNov 12, 2025
On October 10, a special court for offences relating to transactions in securities permitted the sale of the property on an “as is, where is” basis, meaning it will be sold in its present condition. The apartment was owned by the late Sushila Shah, a partner in a firm called Romil Exports, who was the “judgment debtor” of Orion Travels, a company in which Harshad Mehta and his brother Ashwin Mehta were partners. A judgment debtor is an individual or firm that owes a sum of money as per a court order.
The public notice issued on Monday has solicited offers from anyone interested in purchasing the sea-facing apartment. An unencumbered flat in this building commands around ₹45,000 to ₹50,000 per square feet, according to a local real estate player. This isn’t the first time the authorities have attempted to auction this apartment. Similar attempts were made in 2021, 2023, and February this year, but there were no bidders.
Ever since the 1992 securities scam came to light, authorities have auctioned several assets belonging to Mehta, including eight apartments in a Worli Sea Face building, Madhuli, that totalled up to 12,600 sq ft. In February 2009, Mumbai-based stockbroker Ashok Samani bought these flats for ₹32.6 crore.
Mehta, often referred to as the “Big Bull” of Dalal Street, orchestrated the ₹700-crore securities scam, involving large-scale market manipulation. He used forged bank receipts and fake cheques to obtain huge sums from banks without authorization and then invested them in certain stocks to artificially inflate their prices. The fraud ultimately led to a market crash in which countless small investors lost their life savings. Mehta was eventually arrested and faced 27 criminal charges. He was convicted in four of them before his death in 2001 due to a heart attack while in jail.
Frequently Asked Questions
What is the size of the flat being auctioned?
The flat being auctioned has a super built-up area of 1,150 square feet.
Who was the original owner of the flat?
The original owner of the flat was the late Sushila Shah, a partner in a firm called Romil Exports.
What does 'as is, where is' mean in the context of the auction?
It means the property will be sold in its present condition without any warranties or guarantees.
How much does an unencumbered flat in this building command per square foot?
An unencumbered flat in this building commands around ₹45,000 to ₹50,000 per square foot.
What was the ₹700-crore securities scam about?
The ₹700-crore securities scam, orchestrated by Harshad Mehta, involved large-scale market manipulation using forged bank receipts and fake cheques to obtain huge sums from banks and artificially inflate stock prices.
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