6th bid to auction Kingfisher House

Wednesday 17th January 2018 05:09 EST

For the sixth time, Kingfisher Airlines' erstwhile headquarters has been put on the block by the Debt Recovery Tribunal Bangalore. The reserve price is £8.2 million, which is over 45 per cent lower than the asking price in the first auction. The tribunal has said that the sale will take place on February 13, 2018 through e-auction.

The fifth auction in May last year had failed with no one making a bid for the property. The earlier reserve price was £9.2 million. According to real-estate brokers, although the property is at a prime location, close to the airport there are no takers as the original reserve price was way out of line from the prevailing market price.

Although lenders have valued the property at £15 million, real estate experts say that the property has limited value because of height restrictions due to proximity to the airport. The property presently consists of four levels - basement, lower ground, ground and upper floor.

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