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Sunday , 19 November 2017
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Vijay Mallya’s Kingfisher villa still has no buyers

Disgraced willful defaulter, Vijay Mallya’s posh Kingfisher Villa in Goa still has no buyers. Vijay Mallya’s defunct Kingfisher airlines owes over Rs 9,000 crores to a group of 17 banks. The group led by State Bank of India (SBI) has been trying to auction various assets owned by Vijay Mallya and his family. Kingfisher Villa, which is said to be worth over Rs 100 crores is said be the most easily saleable asset, but it still has been unsold even after its second auction.

The banks had kept a reserve price of Rs 85.3 crores for the first auction and a reserve price of Rs 81 crores for the second auction. The banks are yet to get even one enquiry for the auction. It has been very surprising for the banks to not get even a single buyer for the posh, sea facing 12,350 square metres palatial property in Candolim, Goa. The property which has hosted many lavish parties for Vijay Mallya had gotten major hospitality groups and a leading media player interested. However, none of them seem to be interested due to the high reserve price.

Another reason is that many prospective buyers fear that the legal cases being pursued by the banks may not have a conclusive end and that leaves the possibility of it getting repossessed or put in court receivership. This is also one reason for the Kingfisher House based in Mumbai to be unsold. The prime property located in Mumbai is priced at Rs 150 crores, but is not receiving any buyers for the same reasons.

Vijay Mallya, former chief of Kingfisher airlines, United Breweries, United Spirits and IPL team Royal Challengers Bangalore refused to face any investigating agency with respect to the loans that he received and the wasteful expenditure that his companies incurred. He was declared a willful defaulter by major banks like SBI way back in 2015 and had to flee the country to avoid getting arrested. He had to resign as a Rajya Sabha MP and his diplomatic passport was also revoked.

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