Repeated attempts to auction the Mumbai property have failed to find a buyer, which was the case for sea-facing Goa villa as well until the banks entered into direct negotiations to clinch a bilateral pact with the buyer.
Banks have the option to sell the properties under their possession through a private agreement with a buyer, if at least two auctions of such properties failed.
"With the sale of the villa, at least a process has been initiated. We may explore the option of selling Kingfisher House through a bilateral agreement," a banking source said.
The plush property situated at Condolim in north Goa was sold through a private deal between lenders and Joshi. It was sold at just Rs 1 lakh above the last fixed reserve price of Rs 73 crore.
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Lenders have made four failed bids to sell the Kingfisher House, the erstwhile headquarters of Kingfisher Airlines located at Vile Parle near the airport.
At the last auction of the Kingfisher House in March this year, the SBI-led consortium had set reserve price at Rs 103.50 crore, 10 per cent lower than the third auction held in December 2016 when the reserve price was kept at Rs 115 crore.
In the first failed auction of over 17,000 sqft Kingfisher House in March 2016, reserve price was fixed at Rs 150 crore but was lowered to Rs 135 crore for the second futile auction in August.
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