According to a real estate expert, the estimated value of the property is over Rs5 crore. The rent amount could be up to Rs1 lakh a month. University sources said the exact amount of the scholarship would be fixed only after the flat is put on rent.
Finally, after 22 years, University of Mumbai has decided to rent out a 950sqft flat located at Dadar Parsi Colony, which had been donated by a well-wisher so that the money received as rent from this flat could be used to provide scholarships to needy students in the engineering stream. Recently, the varsity got possession of the flat after the redevelopment of the building and the university authorities have also completed the registration procedure.
According to a real estate expert, the estimated value of the property is over Rs5 crore. The rent amount could be up to Rs1 lakh a month. University sources said the exact amount of the scholarship would be fixed only after the flat is put on rent.
Saudamini Pantavaidya, the flat's owner, passed away on April 29, 1995. Little else is known about the her, including what inspired her to make the endowment. The flat is in a two-storey building on Ghantee Road, a high-value area in central Mumbai.
The executors of her will said she felt that the flat could either be sold or rented out, with the money being used for providing a scholarship to the topper in the engineering stream. What is strange is that the university did nothing about it in all these years.
In 2006, a private developer presented a proposal for the building's redevelopment. The varsity, along with the other residents of the building, negotiated an agreement with the developer. The construction of the new building has now been completed and varsity officials expect to get possession soon. The new flat will have a larger area of 950sqft. It earlier measured 815sqft.
Dr Sanjay Deshmukh, vice chancellor, University of Mumbai, said: "We completed the formality of the registration recently. According to the well-wisher, the rent money from this flat should be used for student scholarships. We will definitely fulfill her intention. I have asked my officials to take necessary action on this front."
He added: "I hope to get possession of the flat soon. We will start the scholarship as soon as possible."
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