Air India property auction begins; company targets to raise Rs 270 cr

08 Jul 2021 CW Team

Air India has started auctioning its properties comprising commercial spaces and apartments in major cities across the country.

The debt-laden national carrier aims to raise Rs 270 crore through the auction.

At least 28 properties of the airline will be auctioned at 2 pm on July 8, and the e-bidding will end at 2:30 pm on July 9, as per the details posted on the MSTC e-commerce website.

State-owned MSTC, a specialist in carrying out e-auctions, is managing the online sale for Air India. Inspection of the units was opened to the public on June 20 and was closed on July 7.

Through advertisements in the media on June 18, Air India declared the e-auction of the residential, commercial properties, and plots placed over major cities as part of its asset monetisation plan amid the disinvestment method of the flag carrier.

As per the tender document issued by the airline, the initial bid price of these units ranges from Rs 13.3 lakh to about Rs 150 crore, and the airline seeks to raise a minimum of Rs 270 crore from the auction of all the properties.

The auction covers units that were put on auction several times previously but failed to draw bidders. Air India has now lowered the reserve price of some of these properties, notably those in tier 1 cities, by around 10% from the previous auction to draw buyers, according to a senior official.

The properties on auction comprise five flats at the Asian Games Village Complex in South Delhi and a 2,006 sq m residential plot in Pali Hill, Bandra, with a building having 14 flats and a total area of 2,030 sq m.

The starting price for the duplex properties in the Asian Games Village ranges from about Rs 4 crore to about Rs 9 crore, while for the plot in Bandra, it is for Rs 150 crore. On the block are one three-bedroom unit and two two-bedroom units in Sachin da Strains, Gazdar Scheme in Santacruz, Mumbai, valued between Rs 2 crore and Rs 4 crore.

In rural Bengaluru, Air India is auctioning a 5,934 sq. m plot in Gangamuthanahalli Village of Devanahalli district valued at approximately Rs 4 crore. In Kolkata, four two-bedroom properties in Sohini Apartments, Uday Shankar Sarani, Golf Greens are on the block, each valued at around Rs 50 lakh.

In Maharashtra, Air India has registered a booking office and staff quarters in Town Centre, in Bajipura, Aurangabad; six two-bedroom CIDCO flats in Swami Vivekanand Nagar, Nashik, and the booking office in Civil Lines, Nagpur.

The booking office in Aurangabad is valued between Rs 20 crore and Rs 22 crore, while the staff quarters is between Rs 4 crore and Rs 5 crore, while the booking office is between Rs 20 crore and Rs 22 crore.

In Gujarat, Airlines House on Station Road in Bhuj and a 231 sq. m residential plot in Ghanshyam Nagar.

A residential plot at NCC Nagar, Peroorkkada, Thiruvananthapuram and a flat in Hoisala Diana Complex at Kadri in Mangalore are also a part of the list. The plot in Thiruvananthapuram is valued at Rs 4 to Rs 5 crore.

The e-auction is a precursor to the government’s planned disinvestment of the national carrier anticipated to be achieved this year.

Image Source

Also read: DPGC and others bid for Shipping Corporation of India

Also read: Bidding for Air India to be at enterprise value

Air India has started auctioning its properties comprising commercial spaces and apartments in major cities across the country. The debt-laden national carrier aims to raise Rs 270 crore through the auction. At least 28 properties of the airline will be auctioned at 2 pm on July 8, and the e-bidding will end at 2:30 pm on July 9, as per the details posted on the MSTC e-commerce website. State-owned MSTC, a specialist in carrying out e-auctions, is managing the online sale for Air India. Inspection of the units was opened to the public on June 20 and was closed on July 7. Through advertisements in the media on June 18, Air India declared the e-auction of the residential, commercial properties, and plots placed over major cities as part of its asset monetisation plan amid the disinvestment method of the flag carrier. As per the tender document issued by the airline, the initial bid price of these units ranges from Rs 13.3 lakh to about Rs 150 crore, and the airline seeks to raise a minimum of Rs 270 crore from the auction of all the properties. The auction covers units that were put on auction several times previously but failed to draw bidders. Air India has now lowered the reserve price of some of these properties, notably those in tier 1 cities, by around 10% from the previous auction to draw buyers, according to a senior official. The properties on auction comprise five flats at the Asian Games Village Complex in South Delhi and a 2,006 sq m residential plot in Pali Hill, Bandra, with a building having 14 flats and a total area of 2,030 sq m. The starting price for the duplex properties in the Asian Games Village ranges from about Rs 4 crore to about Rs 9 crore, while for the plot in Bandra, it is for Rs 150 crore. On the block are one three-bedroom unit and two two-bedroom units in Sachin da Strains, Gazdar Scheme in Santacruz, Mumbai, valued between Rs 2 crore and Rs 4 crore. In rural Bengaluru, Air India is auctioning a 5,934 sq. m plot in Gangamuthanahalli Village of Devanahalli district valued at approximately Rs 4 crore. In Kolkata, four two-bedroom properties in Sohini Apartments, Uday Shankar Sarani, Golf Greens are on the block, each valued at around Rs 50 lakh. In Maharashtra, Air India has registered a booking office and staff quarters in Town Centre, in Bajipura, Aurangabad; six two-bedroom CIDCO flats in Swami Vivekanand Nagar, Nashik, and the booking office in Civil Lines, Nagpur. The booking office in Aurangabad is valued between Rs 20 crore and Rs 22 crore, while the staff quarters is between Rs 4 crore and Rs 5 crore, while the booking office is between Rs 20 crore and Rs 22 crore. In Gujarat, Airlines House on Station Road in Bhuj and a 231 sq. m residential plot in Ghanshyam Nagar. A residential plot at NCC Nagar, Peroorkkada, Thiruvananthapuram and a flat in Hoisala Diana Complex at Kadri in Mangalore are also a part of the list. The plot in Thiruvananthapuram is valued at Rs 4 to Rs 5 crore. The e-auction is a precursor to the government’s planned disinvestment of the national carrier anticipated to be achieved this year. Image Source Also read: DPGC and others bid for Shipping Corporation of India Also read: Bidding for Air India to be at enterprise value

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