Salman Rushdie’s ancestral house in Civil Lines here, which the globally renowned writer’s father had agreed to sell to a Congress leader in 1970 but the deal was stalled due to a dispute between the two sides, has been valued at ₹130 crore by the Delhi High Court.
The dispute had gone all the way to the Supreme Court, which on December 3, 2012, ruled in favour of former Congress leader Bhiku Ram Jain’s side, directing the Rushdies to hand over the house to the Jains for the market price as on date of the order.
The apex court, however, left it to the Delhi High Court to determine the market value of the property.
The High Court has now determined the market value of the property, as on December 3, 2012, to be ₹130 crore, since the Rushdies said they had a buyer to purchase the house at that price.
Justice Rajiv Sahai Endlaw said, however, that if the Jains are unable to purchase at that price, the Rushdies will have to sell the house for ₹130 crore within six months to some other buyer.
Further, if the Rushdies are unable to sell it for minimum ₹130 crore within the given time, 60 days from then, the Jains would be entitled to purchase the property for ₹75 crore which was the circle rate prevailing on December 4, 2012, the High Court said.
It said that if the Jains cannot purchase the property for ₹75 crore, the Rushdies would stand relieved of the agreement entered into by both sides in 1970 with regard to the house.
