Vijay Mallya’s enchanted Kingfisher Villa located in Goa has been placed on the block by the SBI for Rs 85 crore. The Villa, which is the most publicized of Vijay Mallya’s properties, could have been attached by banks only on May 2016 – five months after the earlier liquor baron renowned and celebrated his 60th birthday there. This was due to United Breweries had obstructed attachment measures alleging occupancy rights on the villa.
This particular property, is a major landmark located at Candolim Beach, it has a built up area of 12,360 square meters. The Bungalow itself consists of three very big bedrooms and a big living area which was decorated by hand-crafted teakwood beautiful and elegant furniture that has been designed in a very local Goan style by the famous Dean D’Cruz who is an architect from the state.
SBICAP Trustee Company, who has been appointed by the major banks to conduct the Dutch auction and also stated in its notice that the possessions and property will be available for assessment from 26th to 27th September and also from 5th to 6th October. The villa was attached following a defaulting by Kingfisher Airlines, which owed around 17 banks Rs 6,973 crore as on April in the year 2014. Vijay Mallya’ had given a personal assurance for the Kingfisher Airlines bank loan along with the co-guarantor United Breweries.
The Dutch auction comes at a time when the banks try to sell other Vijay Mallya properties had failed. Banks till date have not found any buyers for the Kingfisher Airline’s near Mumbai Airport even though the cost was decreased from around Rs 155 crore to Rs 130 crore which took place in the second auction. Several Brokers are of the opinion that the cost is still very high as compared to other market rates considering height limitations due to its closeness to the airport. There were also no buyers for the Kingfisher brands, which many banks tried their best to sell for around Rs 366 crore. United Breweries had contested the Dutch auction stating that it had rights to the famous Kinfisher bird logo.