Air India invites bids from only central govt entities for Mumbai building

The national carrier will retain 5,000 square feet office space on the 22nd floor; building name will remain unchanged

National carrier Air India has invited bids from central government organisations to sell its iconic Nariman Point building after the initial proposal for its sale to Jawaharlal Nehru Port hit a hurdle.

Only central government entities such as public sector units, port trusts and other organisations fully owned by the government can bid for the 23-storey building, Air India said on Monday in a tender notice. The last date for bid submission is December 31.  

Property market sources say the sale could fetch the airline Rs 10-12.5 billion given the current property rates of Rs 25,000-30,000 per square feet in the area.