Track2Realty: Mumbai International Airport Pvt. Ltd. (MIAL), a GVK Led Consortium announced kick starting of monetisation of commercial real estate by finalising lease of one of the parcel, to Oasis Realty Pvt. Ltd. This parcel will have a potential for commercial development of 1.166 million square feet.
This is part of the process of overall commercial development of 22 million square feet in phases over a period of 10 years. This transaction has been finalised at the rate of approx. Rs. 106 Crore per acre which translates to total of Rs. 580 Crore for this parcel at the rate of approx. Rs. 5000 per square foot of build-up area.
GVK Led Consortium took over CSI Airport on 3rd May, 2006 under Operation, Management and Development Agreement (“OMDA”) executed between GVK Led Consortium and Airports Authority of India where operation, development, management, designing, construction, upgradation, modernisation and financing of airport is undertaken by GVK under a right of 30+30 years.
“GVK SkyCity”, a master-planned, mixed use development with state-of-the-art planning and architecture, urban design and landscape is an ambitious project set to redefine the face of Mumbai. Designed to be a global destination of hospitality, commerce and leisure, this futuristic city will set new benchmark in commercial infrastructural development. Conceptualised with modern amenities and world class facilities, it will truly represent the next phase of real estate development in the country.
Announcing the award of the contract, Dr. GVK Reddy, Executive Chairman, MIAL said, “Our vision for GVK SkyCity is to develop a vibrant 24×7 business and leisure hub and a global convention and hospitality destination. It is located in heart of Mumbai, and is well connected to all parts of Mumbai and Mumbai Metropolitan Region both existing & proposed high speed-high volume traffic system (Western Express Highway, Andheri Ghatkopar Kurla Link Road, Metro-1, Metro-3, etc.) GVK SkyCity aspires of being the most eco-friendly large scale development. Tenants will be encouraged to value practices such as energy and water conservation, waste management and the improvement of indoor air quality.”
GVK SkyCity shall include uses like luxury, first class, mid-market and budget hotels, serviced apartments, convention centre, entertainment centre, retail, office spaces, etc.
