Air India's posh Mumbai apartments put on sale

The Modi government, true to its intentions of divesting Air India, has put apartments owned by the airline across Mumbai on the block. These apartments, most of which are concentrated in upmarket South Mumbai, are expected to fetch Air India a minimum of Rs 305 crore. According to the company’s auction documents, the minimum price (called the reserve price from which bidding shall start), range from above Rs 10 crore to a little under Rs 1 crore.

While the bids for some these properties need to be submitted on or before August 31, bids for others can be submitted a day later on September 1, 2017. Cushman and Wakefield has been appointed as the advisors for the sale of these properties.

The highest reserve price of Rs 10.56 crore for a single flat has been fixed for its apartments at the Cozihom Housing Society in Pali Hill. Air India owns two apartments in this complex measuring 1250 square feet each. Bollywood actress Deepika Padukone is among those this apartment complex counts among its residents. And it seems that having a celebrity in the apartment has also made Air India keep the reserve price considerably above the market price. Some online property price calculators show that the market price of a 1250 square feet apartment in Pali Hill is on an average around Rs 6.5 crore.

Among other high profile apartments of Air India on sale include the ones it owns at Cuffe Parade. Four apartments in Jupiter apartments and another one at Venus apartments have been put on sale. While the ones at Jupiter have a reserve price of around Rs 9 crore, the one at Venus apartments has a minimum bidding price of almost Rs 8 crore. The reserve price of both these properties seem to bear a realistic resemblance to the prevailing market price. Among all the localities where apartments have been put on sale, Cuffe Parade is the most expensive. Reports from various property websites suggest that the property price here is above Rs 63,000 per square feet on an average.

However, the biggest sale in the portfolio is that of 14 apartments along with the land on which is building is built located at Pali Hill. The reserve price for these apartments that are spread over 21000 square feet at Pali Hill in Bandra (West) has been set at Rs 200 crore. This is again above the prevailing market price in the area. These apartments were built to house Air India’s top ranking executives.

Then there are much smaller apartments in Malad (West) in the Aquarius Taurus society that have also been put on sale. These apartments measuring around 840 square feet are the cheapest among those put on sale with the price of each apartment at less than a crore.

However, one of the most interesting apartments on sale is located in Nav Vidya Lakshmi Apartment complex in Mahim. These apartments along with the shareholding in this society was transferred to the erstwhile Indian airlines in 1970. The property agreement shows that the seller of this apartment had brought it from another man in 1965 for Rs 53,460. Air India has put this up for sale at a reserve price of Rs 3.12 crore.