Godrej and Jet Airways sign a deal for development of Plots in BKC, Mumbai:

Mumbai, Maharashtra- Godrej Properties Limited, the real estate leg of the Godrej group recently announced that it has entered into a development agreement with Jet airways limited, to develop its property situated at Bandra Kurla Complex (BKC) in Mumbai. Godrej Properties Limited (GPL) is planning to develop a one million square feet office building expected to be completed in next three years. GPL will take an amount of Rs. 360 crores debt obligation which Jet airways has on the property and consequently will pay a sum of Rs. 135 crores as a compensation for the expenses incurred by them. Also GPL has agreed over 1,60,000 sq ft or carpet area Jet for the development costs. This space will be utilized to develop a hi-tech new headquarters for Jet airways. It has been unanimously that both the parties will share the profits equally.

It is pretty obvious looking at the situation that GPL will develop the building to its level best including all the facilities to ensure that highest standards of design and construction. A leading architectural firm has been hired which has apparently designed the world’s tallest building in Dubai, Burj Khalifa. The building so proposed is seen as a leading commercial building in future in whole India.