Bangalore: Whilst most properties these days sell faster than you say go, there are two in Bangalore which just can't find any buyers.
Number 92 Mosque Road, Bangalore has donned an auction banner for the third time.
It may look like a dump but the Income Tax Department values it at Rs 2.86 crore. Another complex on the same road - Number 100 - is also up for sale.
Both properties belong to Abdul Karim Telgi, the man behind the multi crore fake stamp paper scam. Telgi allowed the IT department to auction the two so they could recover tax dues.
However, all that the auctions have drawn up so far are blank chairs and blank looks on the faces of the officials.
Income Tax Commissioner, M L Agarwall says, "Though there were enquiries, nobody actually turned up. We will adjourn to March 10 in a final bid to sell these properties before the financial year comes to an end."
Nobody really wants to buy an asset that has been owned by Telgi.
"We can postpone the auction again and again till somone buys the property. The government can buy it if possible. We will examine the possibilities as and when the need arises. For the time being, we have put up the houses for public auction," says Agarwall.
The department also recently discovered a coffee shop in a posh mall on Brigade Road owned by Telgi. A valuation is on, but it may be a while before they can recover any of their Rs 193 crore of dues.
For now, the taxmen are trying not to lose heart and are devoting their energies to finding other properties owned by Telgi in a bid to recover arrears due to them.
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