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Banks to again auction KF House, Villa this week

Monday, December 19, 2016
By A Business Reporter

Two plush properties belonging to troubled businessman Vijay Mallya, Kingfisher House in the city and Kingfisher Villa in north Goa, will be re-auctioned this week by the 17-lender consortium at lower reserve prices compared to the failed previous three auctions. The reserve price for over 17,000 sqft Kingfisher House near the airport will be auctioned on Monday at Rs 115 crore, which is 15% lower than the failed second auction held in August, when the minimum price to sell the asset was fixed at Rs 135 crore.

At the first auction of the erstwhile headquarters of Kingfisher Airlines in March, the lenders had kept the reserve price at Rs 150 crore. The prime property, which has a built-up area of over 17,000 sqft and is located in the plush Vile Parle area near the domestic terminal. The Kingfisher Villa at Condolim in north Goa will be put under the hammer on December 22 at a reserve price of Rs 81 crore, which is 5% lower than the auction held in October, when the lenders had tried to sell the sea facing property at Rs 85.29 crore. The villa was once used by Mallya to host lavish parties. Previous auctions of both these properties failed as none of the bidders came forward, citing higher reserve prices.

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