King­fisher House to be auc­tioned at R82 crore

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AF­TER fail­ing mul­ti­ple times to at­tract bid­ders for the King­fisher House at Vile Parle, on Mon­day the 17mem­ber con­sor­tium led by State Bank of In­dia (SBI) quoted a re­serve price of R82 crore, which is al­most half of what was quoted in the first at­tempt to sell the prop­erty. Pre­vi­ously, the bank tried to sell off the prop­erty five times, but failed to get even a sin­gle bid­der. This time the bank has also put up a pub­lic no­tice for auc­tion­ing nine cars worth R4.9 lakh that be­longed to the com­pany.

The first re­serve price quoted for King­fisher House in March last year was R150 crore, but when the bank failed to get any bid­der, a sec­ond at­tempt to sell the prop­erty at R135 crore was made in Au­gust the same year. Fail­ing to at­tract bid­ders for the sec­ond time, the prop­erty was again put out for auc­tion at R115 crore in De­cem­ber 2016 and once more in March at R103.5 crore. No bid­ders turned up for the most re­cent auc­tion at R93.5 crore in May this year.

The prop­erty, which is lo­cated near the air­port, has a to­tal plot size of 2,400 square me­tres. Though the house has only four floors, it has the re­quired per­mis­sion for a fifth one as well. The bank is of the opin­ion that the prop­erty has huge com­mer­cial de­vel­op­ment po­ten­tial.

Speak­ing on con­di­tion of anonymity, a re­al­tor said, “The prices that were quoted ear­lier were very high. This time there are chances that buy­ers might take in­ter­est and pay at least the earnest money de­posit.”

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