Air India began auctioning various properties online, which was overseen by MSTC, a government-owned administrative control corporation. Air India announced the e-auction of properties – residential, commercial, and plots situated across key cities as part of its asset monetization plan amid the flag carrier’s disinvestment process through an advertisement in national publications on June 18.
To collect revenue and pay off its debt, Air India started an auction of hundreds of its assets across India. The bidding for dozens of Air India properties around India began on July 8 and will conclude today, July 9. According to facts released on the MSTC e-commerce website, at least 28 of the airline’s properties went under the hammer at 2 p.m. on July 8, and the e-bidding closed at 2:30 p.m. on July 9.
Air India holds a wide range of properties throughout the country, including commercial spaces, apartments, and land plots. Moneycontrol reports that the flag carrier is looking to generate at least 270 crores ($36.1 million) from the auction process to monetize its assets. Bidding costs range from $13.3 lakhs ($17,800) to 150 crores ($20 million) for various properties. Due to the Covid-19 pandemic, the airline has also reduced the prices of several properties in major cities by roughly 10% to increase participation.
The online auction includes specific Air India properties that the airline has previously attempted to sell but failed to draw the interest of potential bidders. Five flats at the Asian Games Village Complex in south Delhi, a 2,006 square meter residential plot in Pali Hill, Bandra, with a building with 14 apartments and a total built-up area of 2,030 sq.m., and a 5,934 sq.m plot in Bengaluru’s Gangamuthanahalli Village priced at around Rs 4 crore are among the properties on offer. There are four two-bedroom homes available in Kolkata, each costing around Rs 50 lakh.
Air India has also offered a booking office and staff quarters at Town Centre in Bajipura, Aurangabad, Rs 4 crore to Rs 5 crore, and a booking office in Civil Lines, Nagpur, for Rs 20 crore to Rs 22 crore in Maharashtra. The list also includes a flat in Mangalore’s Hoysala Diana Complex and a residential site in Thiruvananthapuram’s NCC Nagar, Peroorkkada, priced at Rs 4 to Rs 5 crore. A 231 sq. m residential site in Ghanshyam Nagar and Airlines House on Station Road in Bhuj and six two-bedroom CIDCO flats in Swami Vivekanand Nagar, Nashik, are also available in Gujarat.
According to sources familiar with the situation, the response has been positive as COVID-19 limitations have been gradually loosened, with several people visiting the sites and making phone inquiries. Over 50 persons visited the Asian Games Village site, according to sources, while over 500 phone inquiries were received. According to Sources, The Pali Hill property in Bandra was inspected by 15 persons, while ten people inspected the units in Santacruz. At least 50 people called as a response.
Air India facing much loss
SITA, Air India’s passenger service provider system, was hit by a “sophisticated” cyber-attack in February, exposing personal data of 4.5 million passengers from around the world, including Air India passengers, according to a statement released in May 21.
Ritika Handoo issued a legal notice to Air India management on Sunday, stating that the airline notified her of the breach on June 1, according to her lawyer. She demanded Rs 30 lakh in damages, claiming the violation of “right to be forgotten” and “informational autonomy.”
From August 26, 2011, to February 20, 2021, personal data was compromised, including name, date of birth, contact information, passport information, ticket information, Star Alliance and Air India frequent flyer data, and credit card data.