(MENAFN- Live Mint) When underworld don Dawood Ibrahim's properties were not attracting buyers during auctions, Hemant Jain decided to take a risk by investing in a 144-square-foot shop in Mumbai's Nagpada area. However, the decision turned out to be surreal for the man from Uttar Pradesh, thanks to ballooning costs and an enduring clash of wills, the Times of India reported.
“I bid for the property after reading in a newspaper that Dawood's properties weren't attracting buyers,” Hemant Jain said about his purchase of Real estate linked to Dawood Ibrahim, one of India's most notorious underworld figures, 23 years back.
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Jain was 34 when he bid for the deal in September 2001. According to the TOI report, he paid ₹2 lakh for the shop on Jayraj Bhai Street following an auction conducted by the income tax department.
He added. "After I purchased the property , officials misled me, claiming a ban on transferring Centre-owned properties. Later, I found no such ban existed," reported TOI. A series of endless troubles had set in with bureaucratic roadblocks delaying his possession. The ownership transfer process became complicated after the I-T department claimed that the“original files were missing”.
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Hemant Jain addressed letters to several prime ministers over the years, from Atal Bihari Vajpayee and Manmohan Singh to Narendra Modi, but to no effect. By 2017, the market value of the property soared to over ₹23 lakh and Hemant Jain was asked to pay stamp duty based on the current rate amid missing property files on government records.
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The stuck buyer suggested, "Since the property was bought in the auction, the stamp duty should not have been calculated as per the market value."
Jain kept following up with the registrar's office for several years but received no response. He finally paid ₹1.5 lakh in stamp duty and penalties on December 19, 2024, and registered the property in his name. His struggle doesn't end here as the shop continues to be occupied by alleged henchmen of the underworld don.
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