Rare Opportunity: SEBI Auctions Mumbai Flat as Defaulter's Assets Surge Market Interest

Rare Opportunity: SEBI Auctions Mumbai Flat as Defaulter's Assets Surge Market Interest​

The Securities and Exchange Board of India (SEBI) has initiated a high-stakes E-Auction for the immovable property belonging to Mr. Jinesh Rajendra Bhatt, in line with ongoing recovery proceedings. This significant sale offers investors a chance to acquire prime residential real estate located in Kandivali West, Mumbai. The auction is being conducted under strict SEBI oversight and involves a highly regulated bidding process through an appointed agency.

Property Details and Sale Scope​

The property slated for sale is a residential flat located at Flat No. 1402, Divya Gunjan, Ganesh Chowk, Mahavir Nagar, Kandivali West, Mumbai-400067. The sale concerns the defaulter's specified 50% share of this property.

The auction invites bids against Certificate Nos 2799, 3008, 3009, 3010, and 3377, with the Reserve Price set at ₹69,91,200 for the defaulter's share. Prospective bidders must deposit an Earnest Money Deposit (EMD) equivalent to 10% of the reserve price, amounting to ₹6,99,120. The Bid Increase Amount has been fixed at ₹1,00,000/-.

E-Auction Timeline and Participation Details​

The electronic auction is scheduled for September 4, 2026, commencing at 10:30 AM. Quikr Realty Private Limited has been appointed as the e-Auction Service Provider to facilitate online registrations and bidding.

Intending bidders must complete their registration and remit the EMD on or before September 2, 2026. All payments must be made via EFT/NEFT/RTGS/IMPS transfers to the designated SEBI Recovery Proceeds account at ICICI Bank. The entire process is managed through www.auctions.quikr.com.

Rigorous Terms of Sale and Investor Due Diligence​

The sale is explicitly being conducted on an "as is where is and whatever there is basis," meaning all bidders are cautioned regarding the state and encumbrances of the property. SEBI and the agency emphasize that the auction advertisement does not constitute any representation or commitment by them concerning third-party claims or dues.

Prospective buyers are strongly advised to conduct their own independent enquiries into the property's extent, title, encumbrances, and associated liabilities before placing a bid. The sale is subject to all existing and future encumbrances, whether known or unknown to SEBI/the Agency.

Transaction Flow and Payment Obligations​

The bidding process requires stringent documentation, including KYC documents (such as PAN and address proof), which must be submitted along with the EMD remittance details by the deadline of September 2, 2026. The property sale is subject to the highest bid received, subject only to confirmation by SEBI.

Upon successful completion of the auction, the winning bidder is required to deposit 25% of the final bid amount (inclusive of the EMD) immediately, within two working days. The remaining balance, along with a 1% poundage fee, must be settled within 15 days from the closure of the auction. Failure to meet these payment obligations will result in the automatic cancellation of the sale and forfeiture of the deposit amount.