Harshad Mehta House in Mumbai: Price, Location, Family and 1992 Scam

Who is Harshad Mehta?

Harshad Mehta was a simple man who had humble beginnings. He grew up in Gujarat and moved to Mumbai after he finished his education. He tried many sales jobs, but his first real job was as a salesperson in New India Assurance Company Limited (NIACL), Mumbai.

When he was working here, he started to learn about stocks and eventually quit his job to join a brokerage firm. This was about the 1980s, when he was here, he met a broker called broker Prasann Pranjivandas, his guru. In 10 years, he had worked up the ranks and was in a prominent position after working in many brokerage firms. By the 1990s, he was called ‘Amitabh Bachchan' of the Indian stock market and the 'Big Bull' of Dalal Street.

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What Was the 1992 Security Fraud About?

The 1992 securities fraud led by Harshad Mehta shook India’s financial system and transformed stock market regulations. Below is a simple breakdown to help you understand what happened and why it mattered:

Root Cause of the 1992 Scam

The scam began when Harshad Mehta identified loopholes in India’s banking and stock market systems. He used bank funds intended for interbank transactions to fuel massive stock purchases and inflate prices.

Execution of the 1992 Scam

Accordingly, fake Bank Receipts were created and used to withdraw funds from banks. These funds, which were illegally diverted into the stock market, helped Mehta artificially boost stock prices and create bullish market sentiment.

Discovery and Fallout

The over-inflated market finally burst when journalists and authorities discovered the scheme. Stocks plummeted, banks called in their loans, and the entire financial system was thrown into crisis with major losses for investors.

Impact on India’s Financial System

The scandal brought to light the weaknesses in financial regulations and prompted major reforms. SEBI strengthened its regulatory powers, and new trading systems were adopted; certain improvements in banking oversight were made to prevent future fraud.

Lasting Significance of the 1992 Scam

It remains a turning point in India’s financial history. The scam reshaped market regulations, increased transparency, and continues to serve as a lesson in unchecked speculation and system loopholes.

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Harshad Mehta’s Family Updates

Category	Details
Full Name	Harshad Shantilal Mehta
Birth Date	29 July 1954
Place of Birth	Gujarat, India
Death Date	31 December 2001
Cause of Death	Heart attack
Harshad Mehta House Address	Worli, Mumbai
Spouse	Jyoti Mehta
Son	Aatur Harshad Mehta
Brothers	Ashwin Mehta, Hitesh Mehta, Sudhir Mehta
Parents	Shantilal Mehta and Rasilaben Mehta

Harshad Mehta’s Wife:

Jyoti Mehta, the wife of Harshad Mehta, has gradually come into the limelight over the years since his death and has become quite vocal in defending him. She created a website to offer his side of the story and lodged complaints of negligence during the last days of Mehta's custody. She even received over six crores claimed against her husband after years of court fights, and continues to seek justice for her family by challenging the allegations.

Harshad Mehta’s Son:

Aatur Harshad Mehta, son of the late market figure Harshad Mehta, has kept a low profile, gradually stepping into business. In 2018, he acquired a significant stake in the BSE-listed company Fair Deal Filaments Ltd, marking his entry into formal investment activities. He has also joined his mother in the battle for dues and assets related to his father's legacy, continuing the fight to secure what his family claims is rightfully theirs.

Harshad Mehta House in Mumbai

At the peak of his good times in the stock market, he bought eight to nine flats in the high-brow Madhuli Housing Cooperative Society in Worli and merged them to create a single vast luxury abode for his joint family. With all its indulgent nuances, this sea-facing house boasted a billiards room, mini-theatre, mini-golf space, and a private pool, reflecting his ambition and extravagant lifestyle in the early 1990s.

After the securities scam surfaced, the government seized Mehta's real estate properties, which included the Worli residence. The combined apartments, measuring roughly 12,600 sq. ft., were later auctioned for approximately ₹32.6 crore, translating to an estimated rate of around ₹25,000 per sq ft at the time.

When the 1992 securities scam surfaced, the Mehta empire crumbled, and authorities attached his most prized Worli residence as part of asset recovery proceedings. The government auctioned the combined flats to repay dues owed to banks, tax departments, and investors. However, one unit, Flat No. 31, belonging to his mother, Rasila S. Mehta, remained exempt from auction.

Harshad Mehta Properties

1. Worli – Madhuli Housing Cooperative Society

• Purchased 8–9 flats, merged into one 12,600 sq. ft. luxury home
• Built for joint family living
• Featured a billiards room, mini-theatre, mini-golf area, and private pool
• Seized and auctioned by authorities after the 1992 scam
• Sold for approx. ₹32.6 crore (~₹25,000 per sq. ft at that time)
• Flat No. 31, belonging to his mother Rasila S. Mehta, was not auctioned

2. Juhu – Vandana Cooperative Housing Society (CHS)

• 1,150 sq. ft. sea-facing flat
• Seized under the Special Court (TORTS) Act, 1992
• Estimated at around ₹ six crore in 2018

3. Nariman Point – Maker Chambers V

• Commercial office premises for his brokerage operations
• Prime South Mumbai business address
• Seized in recovery proceedings

4. Other properties referenced in reports

• Possible additional real-estate interests in Bandra and Charni Road
• Not fully documented in public records

Mehta House Address

• Worli house: 32-B, Madhuli Apartments, Dr Annie Besant Road, Worli, Mumbai – 400018
• Juhu house: Vandana Cooperative Housing Society (CHS), Janki Kutir Road, Juhu, Mumbai
  Flats Nos. 202 & 301
• Commercial site: Office premises of Harshad Mehta’s firm at Maker Chambers V, Nariman Point, Mumbai

The Exquisite Car Collection of Harshad Mehta

Harshad Mehta’s lifestyle symbolised the rise of his financial success, and his luxury car collection became a hallmark of his extravagant success in the early 1990s.

Notable Cars Owned

• Toyota Lexus LS400
• Toyota Corolla
• Hindustan Contessa
• Premier 118 NE
• Mitsubishi Pajero (reported in media circles)
• His entourage uses several imported luxury sedans and high-end fleet cars
• Point to Note: His Lexus, in particular, became iconic during media coverage of the scam, often cited as a symbol of the “Big Bull’s” flamboyant persona.

Who Lived in Harshad Mehta's House After The 1992 Scam?

Following the 1992 scam, questions like ‘what happened to Harshad Mehta's house after the 1992 scam’ became a major public curiosity. His lavish 15,000 sq ft residence at Madhuli Apartments in Worli, created by combining several flats, was seized by the government and later auctioned to recover dues. The Mehta family reportedly continued staying there for some time under court supervision before the auction was finalised. One unit, owned by his mother, Rasila Mehta, remained exempt and stayed with the family.

Harshad Mehta House: Final Insight

The story of Harshad Mehta shows that great wealth built on fragile foundations can fall overnight. His iconic Mumbai properties are monuments to ambition, power, and dramatic financial fall. For more interesting features on stories of famous personalities and their magnificent homes, check out our other insight blogs. If you want to live luxuriously in Mumbai and have hassle-free elite properties, then we have got you covered. Connect with NoBroker for a premium, stress-free real estate experience.