Mumbai: Kingfisher House to be auctioned at Rs 82 crore

Nov 14, 2017, 11:21 IST | A Correspondent

After failing multiple times to attract bidders for the Kingfisher House at Vile Parle, on Monday the 17-member consortium led by State Bank of India (SBI) quoted a reserve price of Rs 82 crore, which is almost half of what was quoted in the first attempt to sell the property. Previously, the bank tried to sell off the property five times, but failed to get even a single bidder. This time the bank has also put up a public notice for auctioning nine cars worth Rs 4.9 lakh that belonged to the company.

Vijay Mallya
Vijay Mallya

The first reserve price quoted for Kingfisher House in March last year was Rs 150 crore, but when the bank failed to get any bidder, a second attempt to sell the property at Rs 135 crore was made in August the same year. Failing to attract bidders for the second time, the property was again put out for auction at Rs 115 crore in December 2016 and once more in March at Rs 103.5 crore. No bidders turned up for the most recent auction at Rs 93.5 crore in May this year.

The property, which is located near the airport, has a total plot size of 2,400 square metres. Though the house has only four floors, it has the required permission for a fifth one as well. The bank is of the opinion that the property has huge commercial development potential.

Speaking on condition of anonymity, a realtor said, "The prices that were quoted earlier were very high. This time there are chances that buyers might take interest and pay at least the earnest money deposit."

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