Commercial property launched in Mumbai by Godrej Properties
Godrej Properties, one of the renowned names in Mumbai real estate, has launched its commercial project in Bandra Kurla Complex (BKC) recently.
The project spread over 1.3 million square feet is expected to garner around Rs 3,500-Rs 4,000 crore.
The project called Godrej BKC is being developed under a joint development pact with Jet Airways. Godrej Properties has debt around Rs 500 crore now and with this project’s development, they are expecting a good revenue.
The total cost of the construction of the project is estimated around Rs 2,000-Rs 2,500 crore and would be constructed by engineering giant Larsen and Toubro.
The project would be sold at Rs 27,000-Rs 28,000 per square feet as confirmed by them.
The real estate development arm of the Godrej group continues to be open to sell stake in this project. The construction work of the project has already started and is expected to be complete by 2015.
The plot has been won by an auction which was conducted by Mumbai Metropolitan Region Development Authority. The shares from the profit will be shared 50-50 and Jet Airways will get 161,460 sq ft carpet area of total 1.3 million sq ft for its new headquarters.
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