Mumbai Sea-Facing Juhu Flat Linked To Harshad Mehta Set For Auction Soon

A sea-facing apartment in Juhu once associated with late stockbroker Harshad Mehta is set to be auctioned by a special court overseeing securities-related offences. The 1,150-square-foot flat, located in the Vandana Cooperative Housing Society at Janki Kutir, will be sold on an “as is, where is” basis, marking yet another attempt to liquidate assets tied to the infamous 1992 securities scam.

The property, previously owned by the late Sushila Shah a partner in Romil Exports and a judgment debtor in a case linked to Mehta’s firm, Orion Travels has a complex legal history. The special court approved its sale on 10 October, inviting potential buyers to submit offers through a public notice. Similar auctions held in 2021, 2023, and early 2025 had failed to attract bidders.

According to local brokers, unencumbered flats in the same Juhu building command prices ranging between ₹45,000 and ₹50,000 per square foot. The upcoming sale could therefore fetch over ₹5 crore if market demand remains strong. However, experts believe the property’s litigation history and association with the Mehta case might deter some buyers.

“This is a prime address, close to Prithvi Theatre and Juhu beach, yet buyers tend to be cautious when properties are burdened with legacy legal complications,” said a Mumbai-based real estate consultant.Harshad Mehta, once hailed as the “Big Bull” of Dalal Street, masterminded a ₹700-crore securities scam in the early 1990s by exploiting banking loopholes and manipulating stock prices. His actions triggered a market collapse that wiped out the savings of thousands of small investors, leading to a major overhaul of India’s financial regulations. Mehta was convicted in four criminal cases before dying of a heart attack in custody in 2001.

Over the years, authorities have auctioned several assets belonging to Mehta and his associates, including eight Worli Sea Face apartments in the Madhuli building, which were sold in 2009 for ₹32.6 crore. The latest auction continues the long process of recovering funds from properties linked to the scam.For Mumbai’s real estate market, the renewed interest in legacy properties like this one highlights both the city’s enduring demand for coastal homes and the importance of transparent asset disposal mechanisms. As experts note, each such sale reflects not only a piece of financial history but also the city’s evolving relationship with accountability and urban value recovery.

Mumbai Sea-Facing Juhu Flat Linked To Harshad Mehta Set For Auction Soon