THANE: The Central Bank of India has once again put Wadia Realty’s nearly 95-acre land parcel on Ghodbunder Road in Thane on the auction block, slashing the reserve price from its earlier valuation in a fresh attempt to recover dues linked to the defunct Go First airline.
Event Context
The proposed sale forms part of efforts by a consortium comprising Central Bank of India, Bank of Baroda, Dena Bank (before its merger with Bank of Baroda) and IDBI Bank to recover dues from the grounded airline under the provisions of the SARFAESI Act.
The reserve price for the property has steadily declined over successive auction rounds. In July 2024, it was pegged at ₹1,965.70 crore, before being reduced to ₹1,604 crore in December 2025. It was lowered again to ₹1,525 crore in June 2026, and has now been further reduced to ₹1,375 crore after previous e-auctions failed to elicit the desired response.
Go First had voluntarily filed for insolvency in May 2023 after nearly half of its fleet was grounded because of faulty Pratt & Whitney engines, severely affecting its operations. After efforts to find investors and revive the airline failed, an Indian tribunal ordered the company’s complete liquidation in January 2025.
As part of the insolvency proceedings, Go Airlines’ total dues to all lenders, including Deutsche Bank AG, stood at ₹6,521 crore.
The Thane land parcel has also figured in past real-estate deals. In 2017-18, DB Realty (now Valor Estate) had explored acquiring the property after the Wadias sought to sell it for around ₹600 crore. However, while the Wadias preferred an outright sale, DB Realty proposed a joint venture structure and was willing to pay about ₹350 crore. The negotiations eventually fell through as the two sides failed to agree on the deal structure.
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According to the latest sale notice issued by the bank, the consortium of lenders is now seeking a minimum of ₹1,375 crore for the 94.71-acre property at Bhayanderpada, near Ovale Village of Botanium Limited. The reserve price has been successively reduced over the past two years after earlier auction attempts failed to attract buyers. In June 2026, the reserve price had been fixed at ₹1,525 crore, but has now been lowered further. The e-auction is scheduled to be held on August 20.
The sale notice states that Wadia Realty Private Limited is the mortgagor and corporate guarantor of Go Airlines (India) Limited, formerly GoAir. The land parcel is owned by Wadia Realty, part of the Bombay Dyeing Group.
Go Airlines owes ₹3,918.55 crore to the consortium of banks, including principal and outstanding interest, according to the sale notice.
