Godrej Properties sells commercial space for Rs.1,480 crore

Godrej Properties sold 4.35 lakh square feet of commercial space in its 1.3 million square feet Bandra Kurla complex for Rs.1,480 crore, Godrej announced on Wednesday.

Jet Airways and Godrej Properties jointly agreed to develop the commercial project in 2011 on a 2.5-acre land parcel which Jet Airways acquired from the Mumbai Metropolitan Region Development Authority (MMRDA) in 2006 for Rs.399 crore.

According to the agreement, Godrej Properties and Jet Airways will split the profit equally while Jet Airways will also receive development cost for 2.5 lakh square feet.

Godrej Properties will use the funds realised through the deal to repay debt and power future growth initiatives.