Finding no buyers, Kingfisher House to be put up for auction, again!

Kingfisher House in Vile Parle

As the State Bank of India (SBI)-led Capital Trustee Company found no takers for Vijay Mallya’s Kingfisher House in Vile Parle at the first e-auction that was held in last month, the lenders have decided to re-auction the 17,000 square-feet property.

Moreover, the lenders have brought down the base price of once-open-a-time the office of grounded Kingfisher Airlines from Rs 150 crore to Rs 135 crore.

A proposal has been sent to the service tax department, seeking the approval for its base price and re-auctioning. Once a written approval is handed, SBI will advertise about the auction in the newspapers.

However, real estate experts say that the new base price Rs 135 crore is also on the higher side. If we go by current market conditions, the value of Kingfisher House is not more than Rs 80 crore, experts say.

The SBI-led lenders consortium had taken over the Kingfisher House in February last year after winning a case in the local court.