Published On : Wed, Sep 29th, 2021

Air India’s Nagpur office sold for Rs 33.01 cr in auction

City’s Kukreja Infrastructure purchased the property and plans to build 30-story residential apartment

Nagpur: The cash-strapped national carrier Air India has filled up its coffers as its Nagpur office was sold for Rs 33.01 crore in the auction. In the online auction conducted recently, Nagpur’s renowned builder Shravan Ghanshyam Kukreja of Kukreja Infrastructure has emerged successful bidder.

The process for auctioning the booking office building of Air India at Civil Lines in the city was completed recently. Some big names had reportedly participated in the process of online auction.

It may be recalled that the national air carrier, running in losses in crores, had announced the sale of its properties located across India. Apart from booking office in Nagpur’s Civil Lines area, Air India has listed booking offices and staff quarters in Town Centre, Aurangabad, six units of CIDCO 2 BHK flats in Swami Vivekanand Nagar, Nashik, a residential plot with 14 flats in Pali Hill, Bandra, Mumbai; and a 3BHK and two 2BHK flats in Gazdar Scheme, Santacruz, Mumbai in Maharashtra.

Earlier, Air India had decided to sell its Nagpur office for Rs 37 crore. At that time, no purchaser had shown interest to buy the property at that cost during the auction. However, some of the other properties were sold in the first phase itself of the online auction.

According to reports, the Kukreja Infrastructure plans to build its fourth high rise residential apartment at this place which will have a beautiful view. The company purchased Air India’s land at the rate of Rs 12,227.28 per sq ft, which will further increase to Rs 12,964.4 per sq ft after sale deed. The land deal is the biggest ever in Nagpur’s history and likely to give a push to the real estate sector.

The 30-story residential apartment will have one owner at each floor of the building, in the sense it will have 30 villas with gardens on every floor. Air India Nagpur, had acquired this location in front of the Institute of Science in 1984-85 from Nazul on which the existing office was constructed in 1991.