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Mallya’s Kingfisher House to go under the hammer again

Kingfisher

Mumbai: The Kingfisher House — the erstwhile headquarters of the defunct Kingfisher Airlines Ltd. (KAL) – owned by absconding liquor baron Vijay Mallya, will be up for auction again. The 8th time in barely three years. The Debts Recovery Tribunal (DRT), Bengaluru, has announced a new auction date of November 27 through an online bidding process, for the beleaguered property.

From the original reserve price of Rs 135 crore during the first auction of the property — valued at around Rs 150 crore in 2016 — for the 8th auction this time, the reserve price is fixed at a staggeringly low of just Rs 54 crore, a sharp drop of 60 percent. The building, originally known as Paradigm, and later as Kingfisher House, includes a basement, an upper ground floor, a ground floor and an upper floor which are now up for sale, totally measuring 1,586 sq meters. It is situated on a plot measuring around 2,402 sq. meters in a coveted location, bang outside the Chhatrapati Shivaji Maharaj International Airport (CSMIA).

Experts say an important factor affecting the property sale is the massive encroachment — of around 725 sq. meters — giving a net saleable area of just 1,677 sq. meters. Another consideration weighing the minds of the potential buyers is the limited scope of a redevelopment or exploiting it in the future owing to the height restrictions on building constructions as it falls in the vicinity of the CSMIA, among the busiest in the country. (IANS)

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