Businessman Vijay Mallya’s Kingfisher House at Vile Parle in Mumbai was sold to Hyderabad-based Saturn Realtors for ₹52.25 crore in the ninth attempt by the Debt Recovery Tribunal, people familiar with the matter said. Kingfisher House was once the headquarters of the now defunct Kingfisher Airlines owned by Mallya, who has been accused of fraud and money laundering allegedly amounting to around ₹9,000 crore.
Saturn Realtors paid ₹2.612 crore as stamp duty to Maharashtra government for the deal which was registered on July 31, the people mentioned above cited. The property, which has been up for grabs since 2016, has a built-up area of 2401.70 square metres and is located near the Mumbai airport terminal.
The Debt Recovery Tribunal, Bengaluru, sold this house at a fraction of the initial reserve price of ₹135 crore. Pankaj Kapoor, MD of Liases Foras, a real estate research firm, attributed the reduced rates to its location and market condition. “There is not much development potential in this plot due to height restrictions as it is close to the airport,” he said.