OREANDA-NEWS. August 9, 2011. Godrej Properties Limited (GPL) (BSE: GODREJPROP), the real estate development arm of the Godrej Group, announced that it has entered into an agreement with Jet Airways Limited (Jet) (BSE: JETAIRWAYS) to develop the latter’s 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 world’s tallest building, the Burj Khalifa in Dubai, has been signed on as lead architect.  The building is planned to be one of India’s 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 Mumbai’s 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 India’s most desirable business address.”