Big landowners benefited from colonial largesse 7 Sep 2002 MUMBAI: The Parsi trusts and companies that today are six of the city's ten largest landowners have benefited from grants of land made to them by the British and from canny investment in real estate. In the 18th and 19th centuries, the colonial rulers leased out huge tracts as a reward for loyalty and also to attract people to Mumbai. These rewards were in the form of grants or 'inams'. Many of the beneficiaries initially received land on lease, but later were allowed to buy their property. The Parsis, who mainly were traders and middlemen at the time, were the largest beneficiaries of this generosity and became the largest owners of real estate in Mumbai and its hinterland. Parsis considered land to be a good investment. For instance, Karachi-based government contractor Edulji Dinshaw in the late 19th century invested nearly all his money in real estate because he believed that the value would soar, even in the short term. In addition to his Mumbai holdings, he was considered to be the premier landlord of Karachi. Dinshaw put together the basis for holdings that his son, Fram, a lawyer, would expand. The F.E. Dinshaw Estate is now listed as Mumbai's largest private land holder, though much of its property has been encroached upon. The estate is today administered by industrialist Nusli Wadia on behalf of two relatives of F.E. Dinshaw, who live abroad. Sir Byramjee Jeejeebhoy, a 19th century philantrophist who founded several educational institutions in the city, was also a big land owner. The Byramjee Jeejeebhoy Properties Limited, which currently looks after his land, has been listed as the fifth biggest land holder in the city. In October 1830, the East India Company made Sir Byramjee a grant of seven villages between Jogeshwari and Borivli; the land totalled a staggering 12,000 acres. Sir Byramjee also owned a large tract of land in Bandra. Bandra's Land End, where the Regent Hotel is located, once belonged to Sir Byramjee. Over the past 40 years, huge chunks of his land in Oshiwara Kandivli and Malad were either sold off to builders or ceded to the government for various public projects. The holdings of the A.H. Wadia Trust, which is the sixth-largest private land holder in the city, were put together in the early part of the 19th century. Ardeshir Hormusji Wadia was given the lease for Kurla- which consisted of the six villages of Mohili, Kolikalyan, Marol, Sahar, Asalphe and Parjapur-for a yearly rent of Rs 3,587. The trust that bears his name has lost huge chunks of land in the western suburbs to encroachers or because parcels were ceded to the government. The descendants of several other large landholders, though have not been able to retain their huge holdings. "During the past 40 years, their children found it difficult to control just vast stretches of land,'' community insiders said. "Encroachers and local slum lords soon took over. There was nothing they could do.'' Among the estates that have been fractured is the property of Parsi merchant Framjee Cowasjee Banaji, who in 1838 founded the Bombay Times and Journal of Commerce (which later was rechristened The Times of India). He had a vast estate at Powai, where he conducted horticulture experiments. In 1835, the villages of Kanjur and Vikhroli were leased by the East India Company to him on an annual payment of 93 pounds, then worth Rs 930. Also fragmented are the Parel rice fields that in 1783 were awarded to the sons and grandsons of master ship builder Lowjee Wadia for services rendered to the Royal Navy during the war with France. Landlords of yore included Pestonjee Bomanjee Wadia, a successful ship owner, who in 1814 was considered the largest land owner of Bombay. In 1854, entrepreneur and philanthropist Jamsetjee Jeejeebhoy's property gave him a monthly income of Rs 10,500, a huge income in those days. Of course, none of them knew how the value of their holdings would appreciate. "Land had little value till after independence. For instance, 40 years ago, a 1,000 square yard plot in Bandra would cost just Rs 5,000,'' said a source in the building industry. "Today, it is worth Rs one lakh a square yard.'' **** http://timesofindia.indiatimes.com/articleshow/21402168.cms [**** My comment - this was written in 2002. Six years later, you will find that the rate ''Rs one lakh a square yard'' mentioned in the last line has gone up to Rs ten lakhs a square yard.] --- Harshawardhan_Bosham Nimkhedkar Nagpur, India