Jet Air, Godrej launch big realty JV in Mumbai's Bandra-Kurla Complex

Godrej Properties Ltd, a part of the Godrej group, and India's biggest air carrier by volume Jet Airways on Tuesday announced the launch of their equally-owned realty joint venture in Mumbai's rapidly developing Bandra-Kurla Complex.

"Construction on this project has begun. We aim to generate Rs3,500-4,000 crore," GPL managing director and chief executive Pirojsha Godrej told reporters at the site.

The company did not reveal the development cost.

Jet Airways has acquired a huge 2,50,000 square feet for the venture, christened Godrej BKC. The saleable land will be as much as 1.3 million square feet, Godrej  said.

"The profit from the development will be shared equally by the two partners," he added.

Confident of getting a good response from buyers, 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."