Overview
- The state formally took possession of the 23‑storey Air India building after completing a ₹1,601 crore transfer and signing the deed with Air India Assets Holding Limited on Tuesday.
- Maharashtra agreed to waive roughly ₹298–300 crore in unrealised income and interest dues as part of the transaction that had Centre approval in March 2024.
- The Public Works Department has ordered comprehensive structural audits and will carry out internal renovations, aiming to ready the building for government use within about six months to one year.
- Officials say the building’s roughly 46,470 square metres of space near Mantralaya will let the state consolidate departments now in rented offices and could cut annual rental costs by an estimated ₹200 crore.
- The tower, built in 1974 and designed by John Burgee, survived the 1993 blasts and had drawn competing interest from entities such as JNPA and LIC during a multi‑year sale process that the state pursued for political and administrative reasons.