Mallya held a mortgage obtained from UBS on the multi-million-pound property located in on the most sought after areas of London.
It's believed that Mallya has lived in the property along with his son Siddharth and his 95-year-old mother Lalitha.
The court refused a request by Mallya's lawyers for a stay on repaying the UBS loan after Mallya had failed to meet a previous repayment deadline in April 2020.
Due to COVID-19 regulations, UBS however were unable to evict the Mallyas. Today's judgment has paved the way for UBS to repossess the property.
Mallya has been living in London since fleeing from India after being accused of a Rs 9,000 crore fraud relating to the collapse of Kingfisher Airlines.
Mallya however denied the charges consistently.