Godrej Properties Ltd (GPL) has sold a third of its commercial project Godrej BKC in Mumbai for Rs 1,479 crore ($225.4 million), according to a stock market disclosure. It did not name the buyer but is understood to have sold it to American drugmaker Abbott.
This is the biggest end-user commercial realty deal in the country.
Godrej BKC is a 1.3 million sq ft saleable area property at Bandra-Kurla Complex, now the main commercial business district of financial capital Mumbai, and is expected to be completed by mid-2016. The firm has sold 4,35,000 sq ft in the deal, or around one-third of it.
The real estate development arm of Godrej Group has partnered with Jet Airways for the development and L&T is constructing the project.
"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," said Pirojsha Godrej, MD and CEO, Godrej Properties.
Godrej Properties is currently developing residential, commercial and township projects spread across 10.25 million square metres in 12 cities. It has a presence in Mumbai, Pune, Chennai, Bengaluru, Ahmedabad, Nagpur and Hyderabad.
Shares of the company were trading at Rs 319.60 each, up 2.89 per cent on BSE in a strong Mumbai market on Thursday at 12.57 PM. It is the fourth largest property developer by market cap.