Image at stake

The real estate market recently received a major setback as Shahid Balwa, Managing Director, DB Realty, was arrested for his alleged involvement in the 2G spectrum scam. Balwa has reportedly got a piece of prime land in Mumbai from the Wakf Board. This 13,837 sq m land is located in the bustling Tardeo area in Mumbai Central. The Waqf Board had originally handed over the management of the land to the Haji Zakaria Haji Ahmed Patel Mohammadan Orphanage Trust. But the trust sold the land off to NeelKamal Realtors & Builders, - a Shahid Balwa subsidiary - in 2004 at a throwaway price of Rs 1 crore. By the time the Waqf board found out about this startling sale and complained, Balwa's company had already got the land. Balwa is currently being questioned by the CBI on the 2G spectrum case. But he has a lot more to explain on his real estate deals. Watch this space.....