THE real estate market in Bombay is in a tizzy after the sensational sale by tax authorities of the RMDC Press, an industrial plot of 1,940 sq m at Worli, last January.
The Tata Housing Development Corporation had earlier bought the plot to develop into a residential complex.
But tax authorities acquired the property for 95 million rupees (about HK$23.5 million) on suspicion that it had been under-valued.
This created a sensation because the Tatas are widely believed to keep away from black money dealings. An even bigger sensation followed when four groups of Hong Kong-based Indians bid for the property.
The Essar group of companies was also keen to buy the plot for housing its executives since its offices were located nearby.
The five groups bid fiercely, starting from Rs10.92 crores, then finally stopping at Rs21.75 crores offered by K. K. Motwani.