GPL will develop an approximately 1 million square feet, of saleable area, office building that will be completed in a three year period.
Godrej Properties Limited, the real estate development arm of the Godrej Group has entered into an agreement with Jet Airways Limited (Jet) to develop the latter’s property, C-68, G Block, Bandra-Kurla Complex (BKC), in Mumbai.
GPL will develop an approximately 1 million square feet, of saleable area, office building that will be completed in a three year period. GPL will take on the 360crore debt obligation Jet Airways has on the property and will also pay Jet Airways 135 crores to compensate them for expenses that have already been incurred. Additionally, GPL has agreed to sell 161,460 square feet of carpet area to Jet Airways at development cost. This space will be used as the state-of-the-art new headquarters for Jet Airways. Godrej Properties and Jet Airways will share the profits from the development in a 50:50 ratio.
05/08/11 India Infoline
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