The sale has taken place at a fraction of the original asking price after the lender failed to find a buyer despite holding multiple auctions across several years.
According to real estate industry experts, the banks had originally fixed an unrealistic reserve price as the property had several limitations. Being at the outskirts of the Mumbai airport, there is not much scope to develop the property.
The building includes a basement, a ground floor, an upper-ground floor and an upper floor, measuring a total 1,586 square meters. It is housed on a 2,402-sq-mtr plot.