MUMBAI, April 21 -- The Bombay Parsi Punchayet has put one of its prime south Mumbai properties up for sale with a reserve price of Rs.2.51 crore. The property, Dady House, is in the Fort area and scheduled to be auctioned next month. The 128.76-sq-m plot, located at the intersection of Bora Bazar Street and Jijibhai Dadabhai Street, is freehold with the ground-plus-three-storey Dady House on it. The structure is a Category A cessed property, which means that it was constructed prior to 1940 and is governed by the Maharashtra Rent Control Act. If the building is redeveloped, tenants will be entitled to a minimum of 300 sq ft of carpet area in the new building. According to the public notice issued by the trust, the property will be sold on an "As is where is" basis, subject to the approval of state's charity commissioner. The building is in a dilapidated state and has 16 tenants. Based on the set reserve price, the price for the 128.76 sq m plot is Rs.1,94,936 per sq m or Rs.18,110 per sq ft for the building and the plot on which it stands. An FSI of 4.5 has already been utilised. Purchasers may need to allocate some space toward widening the lane, known as the setback line. The bids will open on the evening of May 19. Offerors may revise their quotes after discovering the highest bidder. When Hindustan Times reached out to Aspi F Sarkari, chief executive officer of the Bombay Parsi Punchayet, he refused to comment on the reasons for the sale. The Bombay Parsi Punchayet is the apex administrative body of the Parsi Irani Zoroastrian community in India. It is one of the oldest community organisations in Mumbai and was formed in 1672 at the behest of the then British governor Gerald Aungier....