After Dawood fled India in the 1990s, properties belonging to him and his associates were seized under the provisions of Smuggling and Foreign Exchange Manipulators (Forfeiture of Property) Act, also known as SAFEMA. "The property was sold to the highest bid/bidder among all the three methods, (e-auction, public auction, and tenders) provided the highest bid was more than the Reserve Price".
This is the second time in two years the ministry auctioned Dawood's properties which include Hotel Raunaq Afroz-also known as Delhi Zaika- Shabnam Guest House and six rooms in Damarwala building, on Pakmodia Street. Shabnam Guesthouse, a double-storey structure on Yakub street, was occupied by Dawood's younger siblings Haseena and Iqbal.
"These buildings are in a dilapidated condition and unfit for living".
This time, as a precaution to deter trouble-makers and non-serious bidders, the caution money for submitting bid was hiked by over six times the original amount to Rs. 100,000 for the three properties against threat of forfeiture if any bidder caused trouble at the auction.
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Senior SAFEMA official P Selvaganesh said, "All the three properties have been sold out to SBUT". The corner of the property still has some old furniture that used to once adorn Dawood's Rounaq Afroz hotel.
The Reserve price kept for present auction is Rs 1 crore 23 lakh, 43 thousand. While the earnest money for Damarwala had been kept at Rs 62.30 lakh, that of Hotel Raunaq had been pegged at Rs 23.72 lakh.
Meanwhile, security was a concern for both the organisers and the bidders.
An SBUT spokesperson said, "The three properties (Shabnam Guest House, Damarwala Building & Hotel Raunaq Afroz) fall under our ongoing Bhendi Bazaar redevelopment project". During the auction carried out in 2015, there was intelligence input that the gangsters of Dawood gang were watching us round the clock. "These buildings will be redeveloped under the project for the safety of families living there". However, there was no response to the auction on previous occasions.