Jet Airways looking to sell plots at Bandra-Kurla Complex

Jet Airways is looking to sell two plots of 4 acres at the Bandra-Kurla Complex in Mumbai, reports CNBC-TV18's Priyanka Ghosh, quoting sources. Jet Airways will raise at least Rs 500 crore from the sale of the two plots. Jet had purchased one of these plots in 2007 and the other in 2006.
CNBC-TV18 contacted Jet but did not receive any response. However, reacting to these reports, a Jet Airways official said that the report of land sale in Mumbai is 'incorrect,' according to NewsWire18.
Jet Airways said, "There is no question of Jet Airways selling any properties. Jet Airways has already started work on its corporate office in the Bandra Kurla Complex. Jet Airways has been declared the highest bidder for a second property neighbouring this land. Jet Airways has not as yet signed the lease for this property and is considering various alternatives in view of the increased permissible built up area available in the New Headquarters property."
These parcels are about 1.5 acres and 2.5 acres in area. Jet had purchased C68 for Rs 28000 a sq ft for over Rs 300 crore and C8 at Rs 30000 a sq ft for over Rs 196 crore. And that price experts reckon is a high price; market conditions being very different in 2006 and 2007.
11/12/08 CNBC-Tv18/Moneycontrol.com

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Categories: Jet Airways Dec 2008