Hyderabad's Saturn Realtors buy Mallya's Kingfisher House for Rs. 52cr
The city-based realtor, Saturn Realtors, has bought Kingfisher House, the erstwhile headquarters of the now-defunct Kingfisher Airlines Limited in Mumbai founded by fugitive businessman Vijay Mallya, for Rs. 52.25 crore.
By Newsmeter Network Published on 14 Aug 2021 1:33 PM GMT
Hyderabad: The city-based realtor, Saturn Realtors, has bought Kingfisher House, the erstwhile headquarters of the now-defunct Kingfisher Airlines Limited in Mumbai founded by fugitive businessman Vijay Mallya, for Rs. 52.25 crore.
Kingfisher House was sold at almost a third of the reserve price of Rs. 135 crore which was set in the first auction attempt held in 2016.
Situated near the Chhatrapati Shivaji Maharaj International Airport at Santacruz in Mumbai, Kingfisher House had failed to attract a buyer for the eighth time during the auction in November 2019. The property was originally valued at Rs. 135 crore. It was sold by a debt recovery tribunal (DRT).
According to real estate industry experts, the banks had originally fixed an unrealistic reserve price as the property had several limitations. Being on the outskirts of the Mumbai airport, there is not much scope to develop the property, they said.
The building includes a basement and three floors measuring a total of 1,586 square meters. It is housed on a 2,402-sq-mtr plot.
The money received from the sale will go to the lenders who have already recovered Rs. 7,250 crore through the auction of shares of Vijay Mallya, the former promoter of Kingfisher Airlines.
Kingfisher Airlines owes about Rs. 10,000 crore to a consortium of banks in India led by the State Bank of India.
Mallya's extradition has been ordered by the Westminster Magistrates Court and confirmed by the UK High Court. Since he has been denied permission to file an appeal in the UK Supreme Court, his extradition to India has become final.
