Air India Puts 28 Real Estate Assets under the Hammer
Debt-laden Air India has once again put up for sale as many as 28 real estate assets including some it could not sell in previous auctions by lowering the reserve price of some of the properties. As part of its snail-paced asset monetisation plan amid the disinvestment process of the debt-ridden flag carrier, Air India has announced the e-auction of multiple properties - residential, commercial and plots - located across major cities. The starting bid price of these units ranges from Rs 13.3 lakh to about Rs 150 crore and the airline is looking to raise a minimum of Rs 270 crore from the sale of all these properties, according to a tender document issued by the airline. The current auctioning lot has several properties, which have been put on sale multiple times previously but failed to attract bidders even at the base price. However, unlike the past few attempts, Air India has lowered the reserve price of some of these properties, especially those in Tier 1 cities, to attract buyers, a senior Air India official said, requesting anonymity. The reserve prices of properties have been cut by around 10 percent from the last attempt to sell these properties. State-owned MSTC Ltd, which specialises in conducting e-auctions, will handle the online auction for Air India. There are as many as 15 properties including five flats located in the Asian Games Village Complex in South Delhi, a residential plot in Mumbai spread across an area of 2006 sq m with 14 flats of built-up area of 2030 sq m in Pali Hill, Bandra. There is also one 3BHK unit and two 2 BHK units in Sachin da Strains, Gasdar Scheme, Santacruz, Mumbai. In Bengaluru, it is e-auctioning a plot spread across an area of 5,934 sq m in Gangamuthanhalli Village, Devanahalli District and four 2BHK units in Uday Shankar Sarani, Golf Green, Kolkata. In Aurangabad in Maharashtra, it has listed booking offices and staff quarters in Town Centre in Bajipura, Aurangabad, six units of CIDCO 2BHK flats in Swami Vivekanand Nagar, Nashik, and booking office in Civil Lines, Nagpur. On offer in Gujarat are a residential plot (231 sq. m. approximately) in Ghanshyam Nagar and an Airlines House on Station Road in Bhuj. A flat in Hoisala, Diana Complex, Kadri, Mangalore; a residential plot at NCC Nagar, Peroorkkada, Kadappanakunnu Village, Thiruvananthapuram are also part of the list. The e-auction comes as a precursor to the government’s proposed disinvestment of India's national air carrier expected to be completed this year. Those wanting to participate in the e-auction should remember that these are older properties and therefore their valuation is reasonable compared to new complexes coming up in the same areas where there may be loading involved. Also, there are no brokers and it is a direct transaction.
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