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Mumbai's Air India building expected to sell for up to 7B rupees

The Indian government has commenced talks for the sale of the Air India building in Mumbai's Nariman Point neighborhood, with real estate consultants expecting the 23-story property to sell for between 6 billion to 7 billion Indian rupees, Mint reported.

The government is discussing a sale of the building to Jawaharlal Nehru Port Trust in order to raise money for the national airline, the report noted, citing Press Trust of India.

Citing an unnamed Air India official, the report noted that the more than 220,000-square-foot property has several vacant floors. Tenants at the property include the directorate general of shipping, State Bank of India and Tata Consultancy Services Ltd.

According to the report, prices in Nariman Point have declined from a decade earlier when it was one of the most expensive office locations. Companies are now moving to the Bandra-Kurla Complex, the report noted, citing property consultants.

The July 6 report noted that the central government in 2012 approved a monetization plan for the airline, setting a target of 50 billion rupees by 2021-2022 by selling Air India's real estate assets.

As of July 5, US$1 was equivalent to 68.87 Indian rupees.