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

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

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

Next Story
Infrastructure Energy

Samridh, CEID Launch High-Capacity Biogas Plant in Moradabad

Samridh Bioenergy has broken ground on a 12 TPD compressed biogas (CBG) plant in Moradabad, Uttar Pradesh, under the MNRE’s National Bioenergy Programme. Spread across 12 acres, the plant will process 270 tonne of organic waste daily and generate 30,000 cubic metre of biogas per day.CEID Consultants and Engineering Pvt Ltd has been appointed as the EPC contractor, responsible for the complete design, procurement, and construction of the plant. Equipped with four multi-feed digesters, the facility will accept a mix of press mud, cow dung, chicken litter, and vegetable waste, supporting contin..

Next Story
Real Estate

Delhi Micro-Markets Drive Up Housing Prices: Grihum Study

A new study by Grihum Housing Finance reveals that the rise of micro-markets across Delhi-NCR is fuelling real estate price appreciation, especially in the affordable housing segment. Key drivers include renewed post-pandemic interest, migration trends, and government schemes like PMAY.According to the study, over the past two decades, floor rates have risen 267 per cent, from Rs 1,500 per sq ft in 2005 to Rs 5,500 in 2024. In the same period, land rates surged 492 per cent, from Rs 1,300 to Rs 7,700 per sq ft. The sharp increase highlights strong capital appreciation in Delhi’s emerging loc..

Next Story
Resources

Covestro Develops PCR Polycarbonates from End-of-Life Headlamps

Materials manufacturer Covestro has launched post-consumer recycled (PCR) polycarbonates made from end-of-life automotive headlamps, in a move aimed at strengthening circularity in the auto industry. These TÜV Rheinland-certified grades, containing 50 per cent recycled content, are now commercially available for new automotive applications.Developed under a joint programme led by GIZ, with Volkswagen and NIO as key partners, the recycled material is currently being validated for use in future vehicle models.""This new line of polycarbonate represents a significant step in supporting the autom..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?