Jet Airways’ BKC land to be developed by Godrej

MUMBAI:Godrej Properties Limited has signed an agreement with Jet Airways to develop its one of the two plots in Bandra-Kurla Complex land (BKC) central business district here.
According to this agreement Godrej Properties Limited (GPL), the real estate development arm of the diversified Godrej Group, making an upfront payment of Rs 135 crore to Jet to compensate it for the expenses it had already incurred, on the other hand taking on the Rs 350-crore debt the airline has on the 2.5-acre at C-68, G-Block, BKC plot.
However, the Nresh Goyel upholds airline has moreover 1.5acre plot in the BKC, but it has stuck in a legal matter with the Sahara Group. Whereas the final hearing of the Jet Sahara case dispute in Bombay High Court will come up in next Monday.
In last month’s meeting with sector watchers after the declaration of 1st quarter results, whereas Jet had announced that “after the verdict of the Bombay High Court’s it would sell off this plot.”
That apart, Godrej Properties will also sell to Jet Airways 1, 61,460 sqf of carpet area at development cost, where the Naresh Goyal promoted airline will move its headquarters on completion, sources said.

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