Godrej Properties Ltd (GPL), the real estate division of the Godrej group, on Tuesday announced the launch of its ambitious commercial project called Godrej BKC at Bandra Kurla Complex (BKC) in Mumbai.
To be constructed at a cost of Rs 2,000-2,500 crore, the project is a 50-50 joint venture between Godrej Properties and India's leading private-sector airline Jet Airways.
The structure, which will have nineteen floors and two basement levels for vehicle parking, will offer a floor plate of 70,000 square feet.
Pirojsha Godrej, managing director of Godrej Properties, said that they would use a combination of debt and proceeds from sales to fund the construction of the project. The property giant is offering units at a price of Rs 27,000-28,000 per square foot.
Godrej Properties and its partner Jet Airways are expected revenue of Rs 3,500-4,000 crore from the under-construction project. The project is already under construction, and is expected to complete by end of year 2015.
Announcing the launch of the project, Mr. Pirojsha said, "Construction on this project has commenced. By the end of 2015, we expect it to be completed. We expect it to generate Rs 3,500-4,000 crore."
Skidmore, Owings & Merrill, which has designed New York's Freedom Tower and Dubai's Burj Khalifa, is the lead architect; while the Larsen & Toubro has been given the construction contract for the project.
The profit from the project will be shared equally by Godrek Properties and Jet Airways.