Godrej Properties
Ltd. (GPL), the real estate arm of the Godrej group, launched its new
commercial project ‘Godrej BKC’ here on Tuesday. It will come up in
Bandra-Kurla Complex (BKC) here.
Godrej BKC,
expected to come up by end-2015, is a 50-50 joint venture between GPL and the
country’s leading private air carrier, Jet Airways (India). The airline is the
anchor tenant in the project, and will move its headquarters there, using
161,460 square feet carpet area of the total saleable area of 1.3 million
square feet. GPL and Jet will share the profits from the development equally.
Larsen &
Toubro will be the construction partner, and the structure will offer a floor
plate of 70,000 square feet, with 19 floors and 2 basement levels for car
parking.
The units are
being offered at Rs. 27,000-28,000 per square foot initially, said Pirojsha
Godrej, Managing Director, Godrej Properties. Addressing a press conference ,
he said that it was a pure-play corporate office development with no plans for
retail or other asset classes in the development.
“The office space
market has been weak over the last few years with capital values being subdued
and nowhere near their 2007-08 highs,” said Mr. Godrej. “Also, we felt the
Indian economy has troughed out and the pick-up will happen over the life of
the development of this project,” he added.
GPL expects
revenue of Rs. 3,500-4,000 crore from the project. “We will consider rentals at
a later stage, maybe two years from now. We are already in talks with some
potential buyers,” he said, adding that the project cost of Rs. 2,000-2,500
crore would be funded by a combination of debt and proceeds arising from sales.
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