NO TAK­ERS FOR THE KING­FISHER HOUSE IN CITY

Hindustan Times ST (Mumbai) - HT Navi Mumbai Live - - FRONT PAGE - Beena Par­mar and Nachiket Kelkar ht­metro@hin­dus­tan­times.com

A highly pub­li­cised move by banks to sell King­fisher House, once the head­quar­ters of Vi­jay Mallya’s de­funct air­line, drew a blank on Thurs­day as po­ten­tial bid­ders stayed away from the e-auc­tion de­terred by a rel­a­tively high val­u­a­tion and pos­si­ble re­luc­tance to as­so­ciate with a trou­bled brand.

Though the auc­tion was con­ducted by bankers to King­fisher Air­lines, con­cerns over pos­si­ble lit­i­ga­tion sub­se­quently could also have put off suit­ors, ex­perts said. They said lim­ited pre- auc­tion time might have cut out large for­eign buy­ers, who typ­i­cally con­duct longer due dili­gence.

The base price – bids could only be made above it – for the over 2,400-sq me­tre house was set at Rs150 crore, which when com­bined with the cost of re­con­struc­tion would value the prop­erty at over Rs 30,000 a square feet. The go­ing rate in the area is Rs 17,00020,000 a square feet. The bid in­cre­ment amount was Rs 5 lakh.

CON­TIN­UED ON P10

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