Vijay Mallya's Kingfisher House auction fails for the third time

The reserve price for Kingfisher House was Rs 115 crore, which was 15 percent lower than the failed second auction held in August when the minimum sale price was fixed at Rs 135 crore.

Vijay Mallya

A State Bank of India (SBI)-led consortium's attempt to sell the erstwhile headquarters of defunct Kingfisher Airlines, Kingfisher House once owned by Vijay Mallya, in Mumbai failed for the third time on Monday as there were no takers despite a 15 per cent cut in reserve price.

The reserve price for Kingfisher House was Rs 115 crore, which was 15 percent lower than the failed second auction held in August when the minimum sale price was fixed at Rs 135 crore. Both previous auctions failed as bidders found the reserve price too high.


The prime property has a built-up area of over 17,000 sqft and is located in the plush Vile Parle area near the domestic terminal.

In the second auction in August, the reserve price for Kingfisher House was kept at Rs 135 crore, 10 percent lower than the first auction of the asset in March when the reserve price was fixed at Rs 150 crore. Both the auctions failed as bidders found the reserve price too high.

The Kingfisher Villa in north Goa will also be auctioned on December 22 at a reserve price of Rs 81 crore, which is 5 percent lower than the auction held in October when the lenders had tried to sell the sea facing property at Rs 85.29 crore.

All the properties are being auctioned by SBICap Trustee on behalf of the lenders.

Mallya owes over Rs 9,000 crore to lenders like SBI, PNB, IDBI Bank, BoB, Allahabad Bank, Federal Bank and Axis Bank, among others.

The liquor baron left the country in March and is currently said to be living in Britain.