Godrej Properties has entered into a pact with Jet Airways to develop part of the airline’s land bank in Bandra-Kurla Complex, Mumbai. Godrej Properties will develop approximately 1 million square feet, of saleable area, office building that will be completed in a three year period. Godrej Properties will also take on the Rs 360 crore debt obligation Jet Airways has on the property and will also pay Jet Airways Rs 135 crore to compensate them for expenses that have already been incurred.

The company has agreed to sell 161,460 square feet of carpet area to Jet Airways at development cost.

This space will be used as the new headquarters for Jet Airways. Godrej Properties and Jet Airways will equally share the profits from the

development.