Nobody wants to buy Vijay Mallya's Kingfisher House or Villa

No bidders turned up to buy the infamous Kingfisher House in Mumbai and the Kingfisher Villa in Goa despite Monday's auction attempt by the authorities to liquidate assets held by the beleaguered business tycoon Vijay Mallya.

The authorities have already tried to auction off the House thrice before and the Villa twice, lowering the reserve price in each attempt to lure buyers. 

The auction, if successful, would help recover about Rs 175 crore at the current reserve prices for the two properties to pay back a tiny part of the Rs 9,000 crore that Mallya owes his consortium of 17 bank lenders led by the State Bank of India (SBI). 

This time, the Kingfisher House in Mumbai was available for a reserve price of Rs 103.5 crore down from the initial Rs 150 crore in the first auction attempt in March 2016. After the failed first failed attempt, the reserve price of the Kingfisher House that is located in the posh Vile Parle East suburb, was lowered to Rs 135 crore and then Rs 115 crore. 

Even at the initial Rs 150 crore, the reserve price for the Kingfisher Villa built close to Mumbai's domestic airport, was deemed to be low. However, even with nearly Rs 50 crore less, the buyers are staying away from the company's properties. 

The Kingfisher Villa also remained unsold despite the third attempt to sell it. The Villa, which was once famous for the lavish parties that the then-King of Good Times used to throw, went under the hammer for Rs 73 crore. However, even the Goa property failed to attract any buyers.