Kapali reserve price is Rs 120 cr Syndicate Bank announces e- auction of theatre complex on Jan 8, one of the biggest e- auction efforts in city An old icon of Bangalore and Indias first and only Cinerama theatre, Kapali, will be sold in an online public auction by Syndicate Bank on January 8, 2014. The e-auction sale notice was put out a few days ago by the bank. The theatre along with a commercial complex bearing the same name has been put up for auction to recover loan dues of over Rs 26.5 crore. The bank notice is based on an order in case between it and Ms Gopal Films and Ms H Dasappa & Sons Pvt Ltd. The companies are represented by the heirs of the late H Dasappa, who owned the property. The notice lists two properties for auction; one the Kapali Commercial Complex measuring 13,508 sq ft and second the Kapali Cinema Theatre in all measuring 44,184 sq ft. The theatre and complex are situated on Subedar Chatram Road in Gandhinagar area. Rs 120 Crore The bank has announced a reserve price of Rs 120 crore on the theatre complex and Rs 30 crore on the commercial complex, making it one of the biggest e-auction sale efforts for a prime property in Bangalore. The earnest money deposit is Rs 12 crore and Rs 3 crore respectively. Partner in Mars Realty, a commercial real estate dealer, Prashanth Sambargi, said, In the last one year, Bangalore has seen the 18-acre BPL group property in Whitefield auctioned by Asset Reconstruction Company (India) Ltd (ARCIL). The reserve price for it was Rs 110 crore. The Kapali auction is even bigger with the theatre complex itself having a reserve price that is Rs 10 crore more. The loan due to Syndicate Bank is Rs 265,474,260.13 (Rs 26.5 crore) plus interest at 16.75 per cent per annum from November 2012. The auction will start from 11.30 am on January 8. The e- auction is expected to bring institutional players for the bid. Sambargi, said, E-auction is the norm of the day. E- auctions are very fair and does not involve psychology and body language of participants. Institutional buyers come into play and it reaches global players. Kapali is one of the oldest and largest cinema theatres in Bangalore. It was inaugurated on February 16, 1968 and was Indias first Cinerama theatre. It originally had an 84 x 32 plastic screen for Cinerama films. The original seating capacity of the theatre was 1,465 which has been reduced to 1,112 now. Despite that, it continues to be the largest single screen theatre in Bangalore.
Posted on: Tue, 03 Dec 2013 05:27:08 +0000
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