Debt-ridden national carrier Air India has called for bids to sell the iconic 23-storey -- Air India Building -- located at Nariman Point in Mumbai.
Debt-ridden national carrier Air India has called for bids to sell the iconic 23-storey — Air India Building — located at Nariman Point in Mumbai. According to a tender document on the airline’s website dated December 7, bids have been invited by December 31, 2018 from state-run companies for the sale of the building and for the land on which it has been built on an “as is where is” basis.
“Air India invites sealed bids from intending bidders for Sale of ‘Leasehold Rights’ of the land and Air India Building constructed thereon, at Nariman Point among Govt. entities only on as is where is basis,” the tender document said.
“Air India has the ‘Leasehold’ rights on the land on which a very prominent and an iconic building, i.e. Air India Building at Nariman Point, Mumbai, has been constructed.”
The building is built on a plot measuring 7,512.60 sq.m leased from the Maharashtra state government for 99 years and has 23 floors besides two basements. “Total built up area is 4,99,998.00 sq.ft including basements. Out of 23 floors of the building, 17 floors have been given on rent,” the document said.
As per the tender document, the company will retain “approximate 5.000 sq.ft” of carpet area on 22nd floor for its office use. “Air India retains ‘Logo’ on the top of the building and maintains the same. Name of the building to be maintained as ‘Air India Building’ by the buyer,” the document added.
Currently, the airline has leased 17 floors in the tower block and part of ground floor to various government offices like Bank of India, India Tourism, Income Tax, Service Tax and TCS. Air India has earned a revenue of about Rs 107 crore from rental and maintenance charges.