FRIDAY, MAY 03, 2024
Team Herald
The Maharashtra government has approved the acquisition of Mumbai's iconic Air India building at Nariman Point for Rs 1,601 crore. In a recent cabinet meeting chaired by Chief Minister Eknath Shinde, the decision also included waiving approximately Rs 250 crore in unrealized income and interest on the property. Originally constructed in 1974 on state-owned land, the 23-story building will be repurposed for government office space, potentially accommodating departments displaced after the 2012 Mantralaya fire. Currently owned by Air India Assets Holding Limited, the building features nine vacant floors.
Discussions are ongoing regarding the utilization of these floors, and the government has communicated to Air India Assets Holding Company to hand over the building free of encumbrances. The sea-facing tower, designed by architect John Burgee, has historical significance, being one of the targets during the 1993 serial bomb blasts. Previously listed for sale in 2018 as part of Air India's asset monetization plans.
