Godrej Properties and Jet jointly launch commercial project

A commercial project will be developed by Godrej Properties; in collaboration with Jet Airways, in the Bandra Kurla Complex area.

Godrej Properties will join hands with Jet Airways to develop a commercial project in Mumbai in the Bandra Kurla Complex area. Godrej Properties Ltd. (GPL) is the real estate branch of Godrej Group.

Recent reports show that BKC is one of the costliest office space locations in India and in the entire Asia-Pacific Region. In India it is second only to Connaught Place in Delhi. With better rental appreciations in the area, BKC has even outperformed Nariman Point.

This higher rental appreciation would be a reason which has prompted these groups to come up with a commercial project. Commercial project remains the trend of the time. Even the foreign investors are also reported to shift their investment from residential projects to the commercial projects.

The joint venture of Godrej Properties and Jet Airways is named Godrej BKC. The project is being built in the land parcel which Jet Airways had acquired in 2006 while the property was auctioned publicly.

Both the partners are said to have equal investment in the project. They already have started construction of the project, and expect to finish up the project by the end of 2015.

The firm expects to create around Rs.3,500-4,000 Cr from the project, says Pirojsha Godrej, the Managing Director and Chief Executive of GPL. He was commenting on the project. However he did not opened his mouth regarding financial matters.

Nearly 2.5 lakh sq. ft. of office space is reserved by the airlines. Godrej BKC will have a total salable area of 1.3 million sq. ft.

As the project is partnered on 50:50 bases, the profit from the project will be equally distributed among them. The project is expected to receive a good response mainly because of its strategic location. The project is located in the heart of BKC.

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