Kingfisher House located in Mumbai that was on the block for years now was finally auctioned last month for Rs 52.25 crore.
By Varun Singh
Once a brand to reckon with Vijay Mallya ended up fleeing India. With unpaid loans worth several of crores banks declared several assets as Non Performing Assets (NPA).
One such property was located in Mumbai, which was the Kingfisher House.
Finally, the Debt Recovery Tribunal (DRT) managed to auction the Kingfisher House. It was sold for Rs 52.25 crore.
The possession of the property measuring 2401.70 square meters was taken by bank in February 2015.
There were several attempts made by the authorities and the banks to sell off the property, but most attempts failed.
Finally on July 29, the documentation was carried out regarding the sale.
On July 30, the certificate of sale was registered worth Rs 52.25 crore, between DRT and Saturn Realtors Private Limited.
According to documents made available by Propstack, stamp duty of Rs 2.61 crore was paid for the registration of the sale certificate.
Kingfisher House comprises of a basement, a lower ground floor, ground floor and an upper floor measuring 1586.24 square meters built up.
In May 2017 the reserve price for the same Kingfisher House was Rs 93.5 crore, before the original asking price before 2017 was Rs 150 crore. In November 2017 the reserve price was brought down to Rs 82 crore.
Finally one of the property that the banks and the DRT was trying to get rid of for years has found a taker.