Kingfisher House to be auctioned on December 19

For the sixth time, Vijay Mallya's Kingfisher House, located in Andheri, is set go under the hammer. This time, the auction will be held by Debt Recovery Tribunal-II, Karnataka. The reserve price has been set at Rs 82 crore, slipping from the original Rs 150 crore a year-and-a-half ago. Besides this, nine cars, belonging to Kingfisher Airlines Limited, will also be auctioned at Rs 4.90 lakh. While the cars will be auctioned on November 30, the e-auction of the Kingfisher House will be held on December 19.

The notice, issued by Government of India, Ministry of Finance, Debts Recovery Tribunal also mentions, says: "The property has been assessed by the Brihanmumbai Municipal Corporation and the property taxes amounting to Rs 1.08 crore for the period of October 1997 to March 1998, and April 2010 to March 2017are allegedly outstanding in municipal records."

The piece of land measures 2401 square metres, consisting of basement, lower ground, ground and one upper floor, measuring 1586.24 square metres. The earnest money for the sale of the house is 10 percent of the reserve price and has to be deposited by December 18. The earnest money for every car is Rs 5,000."

The successful bidder will have to pay up to 25 percent of the purchase consideration after adjustment of the 10 percent EMD before 3 pm of the following day. The remaining 75 percent of the purchase consideration will have to be done within 15 days from the day of the auction.

"DRT sent us a proposal that they will auction the property and we accepted it. DRT is also auctioning other properties. It shouldn't be perceived that we couldn't sell the property, we have successfully sold the Kingfisher Villa in Goa," said a senior SBI official.