Air India reduces reserve price for sale of its Mumbai properties

Air India reduces reserve price for the sale of its Mumbai properties by Rs 50 crore to Rs 190 crore after it faced the brunt of a slowdown in the real estate market.

According to DNA, in April, the properties were put on auction and then the reserve price of these properties was Rs 240.11 crore. The properties are located at Bandra, Cuffe Parade, Prabhadevi, Mahim, and Khar. Air India in March had sold three of its flats for Rs 24.33 crore located in the plush Altamount Road's Jupiter Apartments to Accountant General, Maharashtra's office.

Air India has hired an international property consultancy firm for the sale of the property. And the last date of bids for the properties is August 30. The leading daily's report further states that the biggest in the sale is a residential building with 14 apartments measuring a built-up area of 2,030 sq mt located at Bandra's Pali Hill for which reserve price is Rs 150 crore. In April, Air India had put the same property on auction for Rs 200 crore.

An Air India spokesperson told the DNA, "For some properties, the reserve price has been reduced as per the advice of International Property Consultants and Oversight Committee. This is because despite multiple auctions no bid was received. Air India will sell these properties only on receipt of multiple bids. This is as per the advice of Oversight Committee."

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