Lenders cut reserve prices of Kingfisher Airlines properties for 6 March auction

The reserve price of the erstwhile headquarters of the grounded airline, Kingfisher House, is set at Rs103.50 crore, 10% lower than the third failed auction


Vijay Mallya’s companies owe over Rs9,000 crore to his lenders. Photo: AFP
Vijay Mallya’s companies owe over Rs9,000 crore to his lenders. Photo: AFP

Mumbai: The 17-lender consortium to the defunct Kingfisher Airlines (KFA) has once again put on block Kingfisher House in Mumbai and Kingfisher Villa in Goa, with a 10% reduction in the reserve prices.

The auctions of prime assets of troubled businessman Vijay Mallya are schedule for 6 March. While the Kingfisher House is being auctioned for the fourth time, the Kingfisher Villa is being put on sale for the third time.

The reserve price of the erstwhile headquarters of the grounded airline, Kingfisher House, is set at Rs103.50 crore, 10% lower than the third failed auction held last in December when the reserve price was kept at Rs115 crore.

In the first auction of the Kingfisher House in March, the reserve price was set at Rs150 crore and in second one in August, it was fixed at Rs135 crore. The prime property has a built-up area of over 17,000 sq ft and is located in the plush Vile Parle area near the domestic terminal.

The lenders have kept reserve price of the Kingfisher Villa, the plush property situated at Condolim in north Goa at Rs73 crore, which is around 10% down than the second auction held last December. In the December auction, the reserve price of the sea- facing property was set at Rs81 crore. It was put under the hammer for the first time last October with a reserve price of Rs85.29 crore.

The Villa was once used by Mallya to host lavish parties. Mallya owes over Rs9,000 crore to lenders like SBI, PNB, IDBI Bank, BoB, Allahabad Bank, Federal Bank and Axis Bank, among others. He left the country on 3 March last year and is currently said to be in Britain.

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