Godrej Properties and Jet Airways sign landmark development agreement for plot in Mumbais Bandra-Kurla Complex
The real estate developer acquires development rights from Jet Airways to develop a state-of-the-art commercial building
August 5, 2011
MUMBAI: Godrej Properties Limited (GPL) (BSE: GODREJPROP), the real estate development arm of the Godrej Group, today announced that it has entered into an agreement with Jet Airways Limited (Jet) (BSE: JETAIRWAYS) to develop the latters property, C-68, G Block, BandraKurla Complex (BKC), in Mumbai.
GPL will develop an approximately one million square feet of office building that will be completed in a three year period. GPL will take on the Rs. 360 crore debt obligation Jet Airways has on the property and will also pay Jet Airways 135 crores to compensate them for expenses that have already been incurred. Additionally GPL has agreed to sell 161,460 sq ft of Carpet area to Jet Airways at development cost. This space will be used as the state-of-the-art new headquarters for Jet Airways. Godrej Properties and Jet Airways will share the profits from the development in a 50:50 ratio.
GPL will develop the building to the highest design, construction, and sustainability standards. Skidmore, Owings, and Merrill (SOM), a leading architectural firm that has designed many outstanding developments across the world, including the worlds tallest building, the Burj Khalifa in Dubai, has been signed on as lead architect. The building is planned to be one of Indias leading commercial buildings.
Mr. Nikos Kardassis, Chief Executive Officer, Jet Airways, said We have been looking forward for a right partner to develop this property in the leading business district of Mumbai. The development of our BKC plot is a strategic decision and we are delighted to be associated with Godrej Properties Limited. We are confident that their expertise will help us execute our vision to create a commercial workspace of global standards a distinct addition to Mumbais cityscape.
Mr. Pirojsha Godrej, Executive Director, Godrej Properties said, We are happy to have partnered with Jet Airways on this exciting project and look forward to creating a landmark at BKC that will be built to world class standards and one that both GPL and Jet will be proud to be associated with. We will pay special attention to the design, quality and functionality of the building and will ensure that the building enhances the vibrant environment of BKC, which is already established as Indias most desirable business address.
About Jet Airways
Jet Airways currently operates a fleet of 97 aircraft, which includes 10 Boeing 777-300 ER aircraft, 12 Airbus A330-200 aircraft, 55 next generation Boeing 737-700/800/900 aircraft and 20 modern ATR 72-500 turboprop aircraft. With an average fleet age of 5.53years, the airline has one of the youngest aircraft fleets in the world. Flights to 75 destinations span the length and breadth of India and beyond, including Abu Dhabi, Bahrain, Bangkok, Brussels, Colombo, Dammam, Dhaka, Doha, Dubai, Hong Kong, Jeddah, Johannesburg, Kathmandu, Kuala Lumpur, Kuwait, London(Heathrow), Milan, Muscat, New York(both JFK and Newark), Riyadh, Sharjah, Singapore and Toronto.
About Jet Airways Konnect
Jet Airways' Konnect service operates on key domestic routes, and is designed to meet the needs of the low-fare segment with value-for-money fares. Jet Airways Konnect links seven major metros - Mumbai, Delhi, Chennai, Bengaluru, Hyderabad, Ahmedabad and Kolkata with several destinations across India, operating over 170 flights daily.
JetLite is a subsidiary of Jet Airways India Ltd. and was acquired by Jet Airways in April 2007. Positioned as an all-economy, no-frills airline, JetLite operates a fleet of 18 Boeing 737 series aircrafts. The airline flies to 27 domestic destinations and 1 international destination (Kathmandu), operating over 110 flights a day, on average.
Jet Airways, Jet Airways Konnect and JetLite have a combined fleet strength of 115 aircraft and operate over 580 flights daily.
About Godrej Properties Ltd.:
Established in 1990, Godrej Properties Limited (GPL) brings the Godrej Group philosophy of innovation and excellence to the real estate industry. GPL aspires to be among Indias top three real estate companies while continuing to be the most trusted name in the industry. GPL has completed several landmark projects and is currently developing significant projects in 11 cities across India. Throughout its operations, GPL aims to deliver superior value to all stakeholders through extraordinary and imaginative spaces created out of deep customer focus and insight.
Godrej Properties Ltd. is listed on the Bombay Stock Exchange (BSE) and The National Stock Exchange (NSE).
GPL has received several recognitions for its processes and performance which include receiving the Best Business Practices award for the year 2009 and Corporate Governance of the Year, 2008' award from Accommodation Times. GPL has also featured as the #1 ranked real estate developer for 2 consecutive years (2009 and2010) in 'Indias Best Companies to Work For survey, conducted by The Economic Times and The Great Place To Work Institute. GPL has been featured for 5 consecutive years as one of Indias Top 10 Builders by Construction World magazine.