Kerala

AI puts up prime realty in 14 cities for sale

On July 30, the U.S. Department of Transportation (DoT) served an order amending Air India’s foreign air carrier permit, which now reads, “the holder may not perform its own ground-handling functions (self-handle) in the United States”.

On July 30, the U.S. Department of Transportation (DoT) served an order amending Air India’s foreign air carrier permit, which now reads, “the holder may not perform its own ground-handling functions (self-handle) in the United States”.  

Plot in Kerala capital figures on the list of 22 properties

Cash-strapped national carrier Air India has put up for sale its real estate assets in 14 cities across the country as part of the Union government’s plan to repay part of the carrier’s debt.

Residential plots, buildings and apartments owned by Air India figure in the real estate assets, valued at crores, identified for sale in the select cities. The majority of the assets are in prime locations. Reserve price has been fixed for the assets and the Metal Scrap Trading Corporation (MSTC), a Miniratna company under the administrative control of the Union Ministry of Steel, has been appointed e-auctioneer.

Locations

Amritsar, Bhuj, Bengaluru, Chennai, Delhi, Gwalior, Hyderabad, Kolkata, Lonavala, Mangaluru, Mumbai, Nashik, Pune, and Thiruvananthapuram are the cities where the assets are up for sale, with Mumbai having the most, at six.

In Kerala, residential land of 24.79 acres at NCC Nagar, Housing Scheme, 1st Stage, in Thiruvananthapuram figures on the list.

Other properties

The Air India and its subsidiaries have land and buildings at Vellayambalam, Mascot Square, and Chakka, near the Thiruvananthapuram international airport in the capital.

This is the second time this year that the debt-ridden national carrier is putting up real estate assets for sale, with the turnaround strategy not yielding results.

The attempt to sell the 56 properties owned by AI in Mumbai, Delhi, Pune, Bengaluru, Chennai and Kolkata in April was not a big success.

Only fewer than a dozen properties were sold, for which high reserve prices fixed in the range of ₹16 lakh to ₹8 crore and the dull real estate sector were cited as reasons.

Properties like the three flats at the Asian Games Village complex in Delhi have been put on the block again.

Last date is August 30

The closing date for submission of the bids for the 22 properties spread over 14 cities is August 30.

Cushman & Wakefield Property Advisors Pvt. Ltd. is the realty consultant of the national carrier.

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Printable version | May 26, 2020 1:49:36 PM | https://www.thehindu.com/news/national/kerala/ai-puts-up-prime-realty-in-14-cities-for-sale/article28828214.ece

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