Air India announces E-Auction of mega properties at starting rates of 13 lakh

Air India will sell its properties located across India in an e-auction that will be available on its website. The airline hopes to complete its divestment process this year. As per an advertisement, the auction will start on July 8, 2021, and closes on July 9, 2021. The e-auction notice is available on its website. According to a report in Money Control, 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. 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.

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. The duplex units in Asiad Games Village are priced between Rs 4 crore to Rs 5 crore and Rs 9 crore to Rs 10 crore for independent bungalows and the plot in Bandra, Mumbai is priced around Rs 150 crore. There is also one 3BHK unit and two 2 BHK units in Sachin da Strains, Gasdar Scheme, Santacruz, Mumbai, priced between Rs 2 crore and Rs 4 crore.

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. The residential plot in Bengaluru is priced around Rs 4 crore, while the Kolkata flats are priced at around Rs 50 lakh. 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. The properties in Aurangabad are priced between Rs 4 crore and Rs 5 crore and between Rs 20 crore and Rs 22 crore.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 plot in Thiruvananthapuram is priced at around Rs 4 to Rs 5 crore. 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.