Vijay Mallya’s property up for auction

The government is trying its luck yet again to get rid of one of the properties belonging to Vijay Mallya. The Kingfisher House, located in Andheri west, is being put on the block and this will be the seventh time the property will be auctioned. The price has come down to Rs 82 crore from the original Rs 150 crore quoted in the start of the auction almost one and half years ago. The auction is scheduled to be held on February 13 between 11 am to 12 noon. 

This time, the auction will be held by Debt Recovery Tribunal-II, Karnataka. The notice, issued by Government of India, Ministry of Finance, Debts Recovery Tribunal also mentions, “The property has been assessed by the Brihanmumbai Municipal Corporation and the property taxes amounting to Rs 1.08 crore for the period of October 1997 to March 1998, and April 2010 to March 2017 are allegedly outstanding in municipal records.”

The piece of land measures 2401 square metres, consisting of basement, lower ground, ground and one upper floor, measuring 1586.24 square metres. The earnest money for the sale of the house is 10 percent of the reserve price and has to be deposited by February 12. 

The successful bidder will have to pay up to 25 percent of the purchase consideration after adjustment of the 10 percent EMD before 3 pm of the following day. 

The remaining 75 percent of the purchase consideration will have to be done within 15 days from the day of the auction.

PROPERTY VALUE

• The price has come down to Rs 82 crore from the original Rs 150 crore. 
   
• The auction is scheduled to be held on February 13 between 11am and 12 noon. 
   
• The earnest money for the sale of the plush house is 10 percent of the reserve price and has to be deposited by February 12.