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Spread over 1.3 million sq ft, Godrej BKC would be one of the largest real estate projects in Mumbai, the company 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," said Pirojsha Godrej, managing director and chief executive, Godrej Properties. "The profit from the development would be shared equally by the two partners," he added.
The company, however, didn't specify the development cost.
"The economy seems to be reviving. The demand for commercial space, which has been subdued through the last few years, is also expected to pick up. Since the project is strategically located, we expect to get a good response," Godrej said. The company expects average realisations of Rs 27,000-28,000 per sq ft.
Of Godrej BKC's saleable area of 1.3 million sq ft, Jet Airways would use 1,60,000 sq ft for its new headquarters. Godrej BKC would offer floor plate area of 70,000 sq ft.
The construction contract for the project has been given to Larsen & Toubro. Skidmore, Owings and Merrill, which has designed the Burj Khalifa in Dubai and the Freedom Tower in New York, is the lead architect.
