Fugitive Indian businessman Vijay Mallya’s Kingfisher House at Vile Parle in Mumbai was finally sold for Rs 52.25 Crore to Hyderabad based Saturn Realtors. It was sold by a debt recovery tribunal (DRT). Saturn Realtors paid ₹2.612 crore as stamp duty to Maharashtra government for this deal. The deal was registered on July 31 last month.
The former headquarters of Vijay Mallya's now-defunct Kingfisher Airlines, Kingfisher House, has been on the market since 2016 with a reserve price of Rs 135 crore. During an auction in November 2019, the property failed to find a buyer for the eighth time. The Debt Recovery Tribunal in Bengaluru sold this house to Saturn Realtors in Hyderabad for a price of Rs 52.25 crore — about one-third of its reserve price.
Vijay Mallya has been declared a wilful defaulter and is wanted by Indian authorities for default in payment of loans related to Kingfisher Airlines that was grounded in 2012. Kingfisher Airlines owes about Rs 10,000 crore to a consortium of banks in India led by the State Bank of India (SBI).