Kingfisher House on sale

Located near the domestic airport at Mumbai’s Vile Parle area, The headquarter of defunct Kingfisher Airlines popularly known as the Kingfisher House is being put up for e-auction by State Bank of India through which interested buyers will bid for it online. The base price for this multi-storey building, with a built up area of over 17,000 sq.ft, has been set at Rs.150 crore. The property is expected to generate interest among corporate houses and retailers, mainly because of its proximity to the highway.

Although not a very large property, Kingfisher House will find buyers mainly because of its strategic location for many businesses specially related to aeronautics, airlines-related businesses, logistics or even corporate houses and banks.

However, real estate advisers feel that the price of the property as quoted by the auctioneer is on the higher side. It is way above the market rate around the area where the Average commercial property rates in and around Vile Parle is at about Rs.28, 000 per sq.ft, according to various online property listings.

In February 2015, a consortium of 17 banks led by the country’s largest public sector lender State Bank of India (SBI) had taken possession of Kingfisher House in a bid to recover loans granted to the airline. Last month, SBI Capital Markets Ltd (SBICap), an investment bank unit of SBI, issued a public notice saying the property would be sold through an e-auction.

As per the notice for this e-auction, Kingfisher House also has unpaid dues of property tax of Rs.67 lakh.