Mumbai: Lalbaugcha Raja garners Rs 1.25 crore from auction, total collection is Rs 6.25 crore

MUMBAI: The blinding light of the Lalbaugcha Raja's riches mesmerised buyers at its annual auction Thursday. The prominent Ganpati mandal garnered a total sum of Rs 1.25 crore as bidders rivalled one another to purchase the gold and silver offerings made to the deity during Ganeshotsav 2022. Its total earnings this season average Rs 6.25 crore.

Lalbaugcha Raja mandal president Balasaheb Kamble said, "The auction figure of Rs 1.25 crore equals the amount we earned from the bid in 2019. Our cash donation has crossed Rs 5 crore so the season's total income averages Rs 6.25 crore. The highlight of Thursday's auction was a large gold modak weighing 1.25 kg which sold for Rs 60.03 lakh."

Treasurer Mangesh Dalvi said, "A large beautiful golden necklace sold for Rs 8.55 lakh, another for Rs 3.20 lakh, and a gold bar weighing 1 kg went for Rs 5.77 lakh. A buyer purchased a motorcycle that was gifted to the Raja for Rs 77,000."

This year's offerings included a large gold-plated pair of the Raja's feet, several idols of the deity, a silver canopy, big and small modaks in precious metal, durva grass, silver 'samai' lamps, necklaces, finger rings and sundry items of jewellery.

Thursday's gold rate was Rs 46,200 per 10 gm for 22 carat gold and Rs 50,400 per 10 gm for 24 carat gold, while silver cost Rs 57,000 per kg. International gold prices have been falling over the past few days, and the scenario reflects in the Indian bullion market as well. Gold rates reportedly dropped to a four-month low in India Thursday.

This year, the Raja's collections were initially slow, possibly due to the record rate of 24 carat gold at Rs 52,000 per 10 gm at the time, as well as overall inflation, said mandal treasurer Mangesh Dalvi. However, the final three days saw volumes surge, with approximately 5.5 kg of gold and 60 kg of silver on the penultimate day of counting.

In 2018 the mandal had collected Rs 8 crore including cash and bullion, that is 5.5kg gold and 75 kg silver. Its highest income was Rs 11.5 crore in 2008, its 75th anniversary year.

In 2022, the 89-year-old Lalbaugcha Raja Ganeshotsav Mandal resumed full scale festivity after a two-year gap owing to Covid in 2020-21. During the pandemic collections were scarce, so no auction was held either. In 2020, the mandal did not host Ganeshotsav or keep an idol but chose to conduct blood donation drives, plasma collection camps and donate large sums to Covid warriors and families of Galwan martyrs.

The mandal's auction is now limited to a single day unlike the three-day spectacle a few years ago.


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