This is an archive article published on August 14, 2021

Kingfisher House in Mumbai sold to Saturn Realters for Rs 52 crore

The money received from the sale will go to the lenders that have already recovered Rs 7,250 crore through the auction of shares of fugitive businessman Vijay Mallya, former promoter of Kingfisher Airlines.

Vijay Mallya, Vijay Mallya extradition, Vijay Mallya money laundering case, Vijay Mallya extradition to India, India news, Indian Express

Fugitive businessman Vijay Mallya. (File)

1 min readMumbaiAug 14, 2021 07:50 PM IST First published on: Aug 14, 2021 at 11:03 AM IST

Kingfisher House, the erstwhile headquarters of the now-defunct Kingfisher Airlines Ltd in Mumbai, which was founded by fugitive businessman Vijay Mallya, has been sold to Hyderabad-based Saturn Realters at Rs 52.25 crore — about one-third of its reserve price of Rs 135 crore.

Situated near the Chhatrapati Shivaji Maharaj International Airport at Santacruz in Mumbai, Kingfisher House had failed to attract a buyer for the eighth time during an auction in November 2019. The property was originally valued at Rs 150 crore. It was sold by a debt recovery tribunal (DRT).

The money received from the sale will go to the lenders that have already recovered Rs 7,250 crore through the auction of shares of fugitive businessman Vijay Mallya, former promoter of Kingfisher Airlines.

Kingfisher Airlines owes about Rs 10,000 crore to a consortium of banks in India led by the State Bank of India (SBI).

Mallya is facing extradition proceedings in the UK and was declared a fugitive economic offender in India in 2019.