The property was acquired from Air India Assets Holding Limited (AIAHL) for Rs 1,601 crore. The handover took place nearly two-and-a-half years after the state cabinet approved the purchase in September 2023

The Maharashtra government has formally acquired the iconic Air India building in south Mumbai for Rs 1,601 crore. The 23-storey sea-facing structure near Nariman Point will be developed into a model government complex after structural audits, renovation and redevelopment planning