Godrej Properties on Wednesday announced the sale of 4.35 lakh sq ft in its commercial project at BKC, Mumbai for about Rs 1,480 crore.
At 1.10 pm, the shares of the companies were trading 6.67 per cent up at Rs 326.30 on BSE. According to media reports, the company has sold it to Abbott.
“Godrej BKC is a large high-end commercial real estate project with approximately 1.3 million sq. ft. of saleable area located in the heart of India’s most prestigious and desirable commercial address, the Bandra-Kurla Complex. Godrej Properties has partnered with Jet Airways for this development. The project is expected to be completed and ready for occupancy by mid-2016, ” the company’s press release said.
“We are very happy to have successfully concluded this large and strategically important deal at our project Godrej BKC. We look forward to delivering Godrej BKC to the highest global standards of design and quality. This deal will be an important driver of our plans to unlock capital invested in our commercial portfolio and will hasten the pace of our growth going forward, ” Pirojsha Godrej, managing director & CEO, Godrej Properties said.
The company said ‘Godrej BKC’ project has been planned as the country’s premier office address. Larsen & Toubro (L&T) is constructing the project. It is the only building in BKC to have received a LEED Platinum Pre-certification, globally recognised as the highest available rating for green buildings.
Godrej Properties is developing residential, commercial and township projects spread across 110.30 million square feet in 12 cities.
In May, Pirojsha Godrej had said that the company is targeting to sell Rs 2,000 crore worth commercial assets over the next 2-3 years to reduce debt.
The company had a net debt of Rs 2,764 crore as on March 31, 2015.