State-run carrier reduces reserve price for sale of city properties from April by Rs 50 crore to Rs 190 crore
Air India is facing the brunt of a slow down in the real estate market of the city. The national carrier has put property worth Rs 190.39 crore on sale in Mumbai. In April, the properties were put on auction and then the reserve price of these properties was Rs 240.11 crore. The properties are located at Bandra, Cuffe Parade, Prabhadevi, Mahim, and Khar.
In March, Air India had sold three of its flats for Rs 24.33 crore located in the plush Altamount Road's Jupiter Apartments to Accountant General, Maharashtra's office. The national carrier has hired the services of an international property consultancy firm for the sale of the property. The closing date for all bids for the properties is August 30.
The biggest in the sale is a residential building with 14 apartments measuring a built-up area of 2,030 sq mt located at Bandra's Pali Hill for which reserve price is Rs 150 crore. In April, Air India had put the same property on auction for Rs 200 crore.
An Air India spokesperson confirmed the auction and said, "For some properties, the reserve price has been reduced as per the advice of International Property Consultants and Oversight Committee. This is because despite multiple auctions no bid was received. Air India will sell these properties only on receipt of multiple bids. This is as per the advice of Oversight Committee."
The sale list includes a 3 BHK flat at Nav Vidhya Lakshmi, Mahim that has been priced for Rs 2.34 crore, in April the price of the same flat was Rs 3.12 crore. Another 3-BHK flat of which reserve price in April was Rs 5.15 crore is now being sold at Rs 3.86 crore.
A 2 BHK flat of which earlier reserve price was Rs 4.28 crore is now up for sale for Rs 3.21 crore and another 2 BHK flat for which Air India was demanding Rs 4.88 crore in April now has put the same flat for Rs 3.66 crore. These three flats are in a building named Sachin Da Strains, Khar.
One 3-BHK flat, in Venus Apartment, Cuffe Parade that was priced at Rs 7.32 crore in April is now being sold at Rs 6.95 crore while another flat in Cozihom Co-operative Housing Society, Bandra that was being sold for Rs 10.36 crore in April now has a reserve price of Rs 7.77 crore.
Finally two flats in Twin Towers Premises Co-op. Society Ltd, Prabhadevi that were being sold for rupees seven crores each in April have now priced at Rs 6.30 crore each.
The online bidding process is being conducted by state-run MSTC India. Last year, Air India had put its iconic building located at Nariman Point on sale too. The Nariman Point building has to be bought by a government organisation.
OPINION
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‘DEBT REDUCTION KEY MOTIVE’ The sale of properties by Air India is directly connected to the reduction of debt. The whole reason behind the sale of properties is that if the debts in books are reduced they will be able to attract buyers. Buyers will be coming ahead only when the debts are less. Air India will be able to go ahead with privatization only when they find buyers and buyers will come when the deal is attractive. Vipul Saxena, Aviation Expert
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