Vijay Mallya’s Kingfisher House Sold For Rs 52 Cr

Hyderabad-based firm Saturn Realtors has bought fugitive business tycoon Vijay Mallya’s Kingfisher House, which was the former headquarters of the now-defunct Kingfisher Airlines.

It is at the Vile Parle area in Mumbai and is sold for Rs 52.25 crore in the ninth attempt by the Debt Recovery Tribunal. Mallya was declared a fugitive economic offender for defaulting on loans and for allegedly defrauding banks.

It was reported that the Hyd firm, Saturn Realtors paid Rs 2.612 crore as stamp duty to the Maharashtra government for this deal, registered on July 31. The property has an area of 2401.70 square meters.

After failing in the previous eight attempts, the Bengaluru-based Debt Recovery Tribunal sold the Kingfisher House at a fraction of the initial reserve price of Rs 135 crore. The reason for the reduction in the rate of the house was reportedly due to its location and market condition.

Kingfisher Airlines began operations in 2005 and was later compelled to shut down in 2012 due to mounting debt. The airline is also under investigation for possible money laundering and financial violations.

Mallya has been declared bankrupt by a British court a month ago and allowed Indian banks to pursue his assets worldwide. The flamboyant business tycoon fled to the UK and has been combating to avoid extradition to India. He remains on bail after he was ordered to be extradited in December 2018 by Westminster Magistrate’s Court in London.