Was 1,700-sq ft Colaba flat sold in 1990 or 2008? Premji, housing society differ IN posh Colaba, tycoon Azim Premji's 1,700-square feet flat has been sold for Rs 1.2 lakh. Even a one-bedroom flat in far-flung Mira Road costs nearly 10 times more. At the current rate, the buyer, structural engineer S Alimchandani, would have to pay nothing less than Rs 6 crore. While the Wipro chief's office maintains that the flat was sold in 1990, but got registered only in 2008, association members of Connaught Mansions allege the sale took place merely two years ago. 'No loss' "Neither Mr Premji nor any of his family members suffered any economic loss in connection with the transfer of the property," read an e-mail response from Premji's Bangalore office. 
<object height="350" width="425"><param name="movie" value="http://www.youtube.com/v/uMt8Stm0mdk">
 <embed src="http://www.youtube.com/v/uMt8Stm0mdk" type="application/x-shockwave-flash" width="425" height="350"> </embed> </object> It said the flat was sold in 1990 and was registered much later in 2008 through P Karania, who held the power of attorney on Premji's behalf. But papers show that the tenant of the flat, the Indian defence ministry, used to pay rent (Rs 234 per month) directly to Premji till September 8, 2006. After vacating it, the ministry even handed over the flat to the Wipro chief and his company Messrs Hasam Premji Pvt Ltd. Asked why the tenant was not informed about the sale, Premji's office said: "A power of attorney-based sale is usually common in all encumbered (restricted use) immovable property, as the seller of property may not find it prudent to wait for the removal of the encumbrance, which could take decades in some cases." But property expert and advocate Vinod Sampat said it was necessary for the Premjis to inform the tenant and the society about the new owner way back in 1990. Loophole "The Premjis can sell the flat to anyone and it is of no concern to the society or to the tenant, but the Premjis should have informed the tenants and the society about the new owner. "The biggest loophole is that if the flat was already sold to someone, how could the Premjis keep accepting rent from the defence ministry or accept the flat when it was released?" said Sampat. "Why didn't Alimchandani occupy the flat from 1990 to 2006?" asked J Paul de Sousa, association president of Connaught Mansions, who alleged that the society had been kept in the dark so that the buyer and seller could profit from an illicit deal. "How could the flat have been sold when it was already leased? When the defence ministry moved out, why did the Premjis accept the flat back and not Alimchandani if he was the rightful owner?" The society approached the Ministry of Defence in New Delhi in December last year, after which Defence Minister A K Anthony promised to look into the matter. Alimchandani denied all allegations. "De Sousa has made false, frivolous and unfounded allegations related to the flat," he said on e-mail. Society officials said that going by current market rates, Alimchandani would end up paying about Rs 13 lakh as stamp duty. Instead, he just paid Rs 1,200 and Rs 2,400 as penalty for late registration. Untraceable The other strange bit is that Karania, the man who held Premjis' power of attorney and signed all papers pertaining to the flat in 2008, seems untraceable. u00a0 Premji's office said, "Mr Karania left Wipro almost a decade back. We will locate his contacts and provide it to you." MiD DAY's queries sent to his e-mail address went unanswered. House History The 19-apartment building built in 1926 was owned by Azim Premji and Messrs Hasam Premji (Premjis)u00a0 In 1990, the ownership was transferred to the tenants staying there save for one flat on the ground flooru00a0 This flat, A-0, was leased out by the Premjis to the Ministry of Defence since 1940 and was released on September 8, 2006u00a0 In November 2007 a notice on the Premjis letterhead reached the society, informing them that the flat had been sold to Alimchandani and that it be immediately transferred to him in the society recordsu00a0 The letter was signed by P Karania, holder of the power of attorney Upper Crust &gt;The current market rate in the area is not less than Rs 40,000 per sq ft. &gt;u00a0The deal between Premjis and Alimchandani happened for a little over Rs 70 per sq ftu00a0 &gt; Ambanis' Sea Wind building and Ratan Tata's new under-construction house is less than 100 metres away from Connaught Mansions

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Was 1,700-sq ft Colaba flat sold in 1990 or 2008? Premji, housing society differ

Azim flat sold for RS 1.2 lakh!

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Azim flat sold for RS 1.2 lakh!

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