<p class="title">Three properties belonging to fugitive underworld don and terrorist Dawood Ibrahim were auctioned on Tuesday for approximately Rs 11.06 crore.</p>.<p class="title">The Mumbai-based Saifee Burhani Upliftment Trust (SBUT), an organisation of the influential Dawoodi Bohra community, has emerged as the highest bidder at the auction that was held at a room in the Indian Merchants' Chamber in Churchgate area amid tight security arrangements.</p>.<p class="title">The auction was conducted by the Ministry of Finance under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976.</p>.<p class="title">The three properties which were put up for auction are Raunaq Afroz – also known as Delhi Zaika, Shabnam Guest House, and six rooms in the Damarwala Building. All the three properties are located within radius of one km at the Bhendi Bazaar area of south Mumbai.</p>.<p class="title">The bids that were approved are - Rs 4.53 crore for the Hotel Raunaq Afroz, Rs 3 crore for Shabnam Guest House and Rs 3.53 crore for the six rooms in Damarwala Building. The total reserve price of these three properties was Rs 3.95 crore and SBUT has acquired them for nearly thrice the (reserve) amount at Rs 11.06 crore.</p>.<p class="title">The SBUT has confirmed that they took part and won the bid. "The three properties fall under our Bhendi Bazaar redevelopment project. These buildings are in dilapidated condition and unfit for living. Thereafter, to ensure the safety of the families living in these buildings and to carry on the redevelopment project, we participated in the bidding and acquired these properties," a SBUT spokesperson said.</p>
<p class="title">Three properties belonging to fugitive underworld don and terrorist Dawood Ibrahim were auctioned on Tuesday for approximately Rs 11.06 crore.</p>.<p class="title">The Mumbai-based Saifee Burhani Upliftment Trust (SBUT), an organisation of the influential Dawoodi Bohra community, has emerged as the highest bidder at the auction that was held at a room in the Indian Merchants' Chamber in Churchgate area amid tight security arrangements.</p>.<p class="title">The auction was conducted by the Ministry of Finance under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976.</p>.<p class="title">The three properties which were put up for auction are Raunaq Afroz – also known as Delhi Zaika, Shabnam Guest House, and six rooms in the Damarwala Building. All the three properties are located within radius of one km at the Bhendi Bazaar area of south Mumbai.</p>.<p class="title">The bids that were approved are - Rs 4.53 crore for the Hotel Raunaq Afroz, Rs 3 crore for Shabnam Guest House and Rs 3.53 crore for the six rooms in Damarwala Building. The total reserve price of these three properties was Rs 3.95 crore and SBUT has acquired them for nearly thrice the (reserve) amount at Rs 11.06 crore.</p>.<p class="title">The SBUT has confirmed that they took part and won the bid. "The three properties fall under our Bhendi Bazaar redevelopment project. These buildings are in dilapidated condition and unfit for living. Thereafter, to ensure the safety of the families living in these buildings and to carry on the redevelopment project, we participated in the bidding and acquired these properties," a SBUT spokesperson said.</p>
