Mallya’s Property Sale: Vijay Mallya’s Kingfisher House was sold for Rs 52 crore, the property auction had failed 8 times
Eventually the Kingfisher House of fugitive businessman Vijay Mallya was sold. It was bought by Hyderabad-based private developers Saturn Realtors for Rs 52 crore. Kingfisher House was sold by Debt Recovery Tribunal (DRT). The selling price is about a third of its reserve price of Rs 135 crore. Earlier, the lenders had recovered Rs 7,250 crore from the auction of shares.
This property has been the head office of Kingfisher Airlines. Mallya’s airline company has now been declared completely bankrupt. Kingfisher Airlines owes about Rs 10,000 crore to SBI-led banks. The area of the property is 1,586 square metres, while the plot is of 2,402 square metres. The office building consists of a basement, a ground floor, an upper ground floor and an upper floor.
The property auction was held for the first time in March 2016, which according to failed media reports happened after lenders could not find buyers despite several attempts to sell Kingfisher House. Earlier, the auction of the property had failed 8 times. Lenders include financial institutions including public sector banks. Kingfisher House was auctioned for the first time in March 2016. In this, the value of the property was kept in reserve at Rs 150 crore. But, the knee of the property failed. .
Kingfisher Airlines closed since 2012, the location of Kingfisher House is in Vile Parle, near Mumbai Airport. According to realty experts, there is currently no scope to develop this property as it is located on the outskirts of Mumbai airport. Let us tell you that Vijay Mallya’s airline company Kingfisher Airlines has been closed since 2012.
British court declared Vijay Mallya bankrupt On July 26, a British court declared Vijay Mallya bankrupt. With this order, Indian banks will now be able to easily confiscate Mallya’s assets around the world. A consortium of Indian banks led by State Bank of India (SBI) filed a petition against Mallya in the British Court. Mallya has no chance to appeal against the decision of the London High Court