Mumbai: Mumbai International Airport (MIAL), a GVK-led consortium that operates the Mumbai airport, has inked its first commercial property development deal worth Rs 580 crore for a 5.5-acre land parcel in GVK SkyCity, a mixed use development planned around Chattrapati Shivaji International Airport, with a Mumbai-based developer Oasis Realty.
This deal marks the start of monetisation of commercial real estate by the company, which forms part of its airport development plan. The parcel will have a potential of 1.166 million square feet of commercial development, GVK said.
The transaction, according to GVK, has been finalised at the rate of around Rs 106 crore per acre, and at about Rs 5,000 per square foot of built-up area.
Speaking to FE, Sanjay Reddy, managing director, MIAL said, "This is just the start of the monetisation process. There is a plan to have an overall commercial development of 22 million square feet, which will be undertaken in phases over a period of 10 years. This will include hotels, retail and commercial development". The company has set a target of about 2 million sq ft of monetisation by December 2014.
28/08/14 Financial Express
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This deal marks the start of monetisation of commercial real estate by the company, which forms part of its airport development plan. The parcel will have a potential of 1.166 million square feet of commercial development, GVK said.
The transaction, according to GVK, has been finalised at the rate of around Rs 106 crore per acre, and at about Rs 5,000 per square foot of built-up area.
Speaking to FE, Sanjay Reddy, managing director, MIAL said, "This is just the start of the monetisation process. There is a plan to have an overall commercial development of 22 million square feet, which will be undertaken in phases over a period of 10 years. This will include hotels, retail and commercial development". The company has set a target of about 2 million sq ft of monetisation by December 2014.
28/08/14 Financial Express
