Godrej Properties, Jet launch commercial project in BKC
Mumbai: Realty firm Godrej Properties (GPL) on Tuesday launched its commercial project at the posh Bandra Kurla Complex area, which will be jointly developed with Jet Airways.
"The construction on this project has commenced and by the end of 2015, we expect it to be completed. We expect to generate nearly Rs 3,500-4,000 crore," GPL Managing Director and Chief Executive Pirojsha Godrej told reporters here.
The company, however, did not reveal the development cost.
Jet Airways, which is a 50:50 joint venture partner in the project, has retained 2.5 lakh square feet in the project christened Godrej BKC, while the saleable land will be 1.3 million square feet, he said.
"The profit from the development will be shared equally by the two partners," he added.
Expressing confidence in getting good response for the project, Godrej said, "The economy seems to be reviving. The demand for commercial space, which has been subdued over the last few years, is also expected to pick up. Since the project is also strategically located, we expect to get a good response."
The company expects average realisations of around Rs 27,000-28,000 per square feet.
The city-based realty firm has given the construction contract to engineering major Larsen & Toubro.
Jet Airways had acquired the 2.5 acre land parcel from the Mumbai Metropolitan Region Development Authority (MMRDA) in a public auction for Rs 399 crore in 2006.