Air India start property auction on July 8th; expected to earn INR 270 cr

By Sanjay Maurya

News Highlights

On July 8, Air India will begin a property auction that will include residences and commercial premises in major cities.
This sale aims to earn INR 270 crore for the debt-ridden national carrier.
During the disinvestment process, it’s part of the company‘s asset monetization plan.

Air India start property auction on July 8th; expected to earn INR 270 cr

On July 8, the state-owned airline Air India will begin a property auction that will include residences and commercial premises in major cities. This sale aims to earn INR 270 crore for the debt-ridden national carrier.

During the disinvestment process, it’s part of the company’s asset monetization plan. According to data posted on the MSTC e-commerce website, which specializes in conducting e-auctions, at least 28 properties will be auctioned first from 2 p.m. on July 8 until 2:30 p.m. on July 9, when the e-bidding will end.

The property is being physically inspected. They are sure that because they are purchasing from a government body, they will receive a clear title and transparent pricing, they stated. The e-auction for the specific item is only open to those who have registered on the website. That’s how it works. The procedure might take up to 60 days to complete.

The properties were offered to the public for inspection on June 20 and will end today (July 7). The e-auction for a specific property is only open to those who have registered on the website. This procedure may take up to 60 days to complete.

The e-auction of the properties was announced by Air India on June 18th. Residential and commercial properties, as well as plots in major cities, are among the properties that have been auctioned.

According to a tender document released by the airline, offers range from INR 13.3 lakh to roughly INR 150 crore, and the airline intends to generate a minimum of INR 270 crore from the sale of all the assets. Some of the auction properties had previously been on the market but failed to attract buyers.

The properties included 14 apartments at Mumbai’s and other locations are as follows: –

Pali Hill
apartments at Mahim
Colaba and Bandra
Houses and flats in Kolkata
Nashik
Bengaluru
Lonavala
Hyderabad
Gwalior
Delhi
Amritsar and Bhuj

The auction will feature homes that have previously been put up for sale but failed to attract bids. According to a senior airline executive who requested anonymity, Air India has reduced the reserve price of some of these properties, particularly those in tier 1 cities, by around 10% from the previous auction to entice bidders.