Air India will go ahead with the sale and lease of its properties in India and abroad as part of its real estate asset monetisation plan, despite complete documentation missing for some of its properties, a senior official of Air India said on Wednesday.
?There are some properties where some of the papers are not complete and these will be put on the block in due course of time,? an Air India board member said. ?Meanwhile, we will start the process of monetising the assets where we do have all the papers ready.?
Despite the hurdle, Air India still expects to raise close to R500 crore in the 2013 calendar year from sale of properties which include its offices in London and Tokyo. A staff housing colony of the airline in Vasant Vihar, New Delhi as well as some floors in Air India building Nariman Point, Mumbai could also be sold off during the year.
In a 2011 report, Jones Lang LaSalle, a global property consultant, said that Air India?s Nariman Point building can fetch up to R800 crore if monetised for ?capital value?.
The official added that documentation for Air India?s landmark properties like the Air India building at Nariman Point, Mumbai and its offices in London and Tokyo are complete.
Earlier in 2012, the national carrier had identified 105 properties which would be sold to raise R5,000 crore over the next 10 years. Real estate consultancy firm DTZ has been appointed as the adviser for Air India in the transaction process.
?Complete documentation for around 10-20 properties has gone missing and we will recover them in the due course of time,? the official said. ?This is a hurdle but it doesn?t mean we won?t go ahead with the asset monetisation plan.?
