Another Setback For Vijay Mallya: Kingfisher House In Mumbai Sold To Hyderabad-Based Saturn Realters For Rs 52.25 Crore

In another setback for fugitive economic offender Vijay Mallya, the Debt Recovery Tribunal (DRT) has finally auctioned the Kingfisher House property to Hyderabad-based Saturn Realters for Rs 52.25 crore after eight failed attempts in the past, reports Economic Times.

The erstwhile headquarters of the now-defunct Kingfisher Airlines, Kingfisher House has been sold at almost a third of the reserve price of Rs 135 crore which was set in the first auction attempt held in 2016. The property had been originally valued at Rs 150 crore.

This comes as the banks had failed to find a buyer even after the eighth auction conducted by them in November 2019 at a reserve price of Rs 54 crore. Saturn Realters bid for the property in the ninth online auction held in March this year with a base price of Rs 52 crore.

The transaction was executed on 29 July and registered the next day. Also, the buyer had paid the entire consideration for the property in March itself.

The recovery will add to the Rs 7,250 crore that lenders have already got back from the defunct airline that owed a consortium of 17 lenders led by State Bank of India Rs 9,900 crore.