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Written by Neeraj Tiwari | Mumbai |
Published: 15 November 2018 04:29:06
Air India (AI) auctioned its properties of choice in the city. (Representation)
For the third time this year, Air India (AI), short of cash, has put its properties of choice in the city at auction. The airline uses the public services of MSTC Ltd, which specializes in online auctions to sell real estate badets to companies.
While a previous attempt to sell the same properties in September was unwelcome, the airline is again trying to reach its fundraising goal of such divestments in 2018-2019.
According to the auction information on the official MSTC website, Air India has put up for sale 30 of its apartments in Mumbai. The estimated value of these properties is Rs 250 crores. Fourteen apartments are located in a high-end building in Palra Hill, Bandra. The CSTM has notified a reserve price of 200 crore rupees collectively. The entire building is auctioned. The remaining apartments are divided between Cuffe Parade, Mahim, Prabhadevi (island town), Khar and Malad (western suburbs). The last day for tenders is December 4th.
According to real estate experts, the reserve price set for auctioned properties is comparable and competitive with respect to the general trend of real estate in these areas. One of them argued that more than the reserve price, it was the general slowdown in the construction industry, which had led to the shy reaction last time . An Air India spokesman said: "In September, we did not get the answer we expected. This time, we have increased the number of buildings from 20 to 30 and Mumbai real estate is back on track in the last few days. We are expecting more buyers this time around. "
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