The historic edifice of Air India in the capital of Maharashtra is for sale for Rs. 1,600 crore. Air India Assets Holding Company is the current owner of the structure at Nariman Point.
The Maharashtra government will now purchase the structure and use it to expand Mantralaya. After Air India Holdings accepted the last bid of Rs 1,600, the sale took place.
According to a Times of India story, the Maharashtra government has clarified the deal and stated that it will only be finalised if the Central government vacates all offices in the building.
During a meeting between Deputy CM Devendra Fadnavis and Civil Aviation Minister Jyotiraditya Scindia last year, the agreement appeared to have gone in favour of the Maharashtra government. According to rumours, Fadnavis had asked Scindia to favour the state government when selling the land.
According to the article, RBI was a potential buyer of the structure.
The story said that AI Holdings has in principle agreed to sell the building to the state government, quoting a top Maharashtra minister. The deal’s other specifics are still being worked out.
The minister also stated that the offer to acquire the building is conditional, implying that the property will only be bought if all offices, including some in central government, depart the entire structure.
In February of this year, Air India relocated to New Delhi and departed the 23-story structure. The Maharashtra government granted Air India a 99-year lease on the land where the famous structure is located in 1970.
In 2018, bids for the building’s sale were floated, but there was little interest.
The Maha Vikas Aghadi (MVA) government, led by Uddhav Thackeray, reportedly made an offer of Rs 1,450 crore for the structure in 2021. Then the incoming Shinde administration increased the offer to Rs. 1,600 crore.
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