Godrej Properties, Jet soar on BKC JV project launch

Mumbai-based real estate developer Godrej Properties shot up as much as 10 percent intraday on Tuesday as the company launched BKC (Bandra-Kurla Complex) project in partnership with country's largest private air carrier Jet Airways.

According to CNBC-TV18 reports, Jet Airways will be an anchor tenant in BKC project.

Godrej Properties gave the BKC construction contract to engineering major Larsen & Toubro. The project will be completed by 2015-end.

Jet has retained 2.5 lakh square feet in BKC project while the saleable land will 1.3 million square feet of this project. The profit from the saleable land will be shared equally with Jet.

Meanwhile, Godrej Properties targeted revenue at around Rs 3,500-4,000 crore from BKC project.

While talking on the project launch in a press conference, Pirojsha Godrej, Managing Director & CEO of Godrej Properties said average realisations was expected at around Rs 27000-28000 per square feet.

At 12:43 hours IST, Godrej Properties jumped 5.11 percent to Rs 574.10 amid large volumes on Bombay Stock Exchange. Market capitalisation of the company currently stands at Rs 4,480.63 crore.
 
Meanwhile, Jet Airways went up nearly 3 percent to Rs 514.30.

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