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GVK, Oasis in Rs.580-cr mega deal for Mumbai airport land
In a significant development, the Mumbai International Airport Pvt Ltd (MIAL) owned by the GVK Group-led consortium on Wednesday had given 1.16 million square feet (5.47 acre) of land parcel on lease at the airport for Rs 580 crore to Oasis Realty Pvt Ltd for commercial development.
This transaction involving 1.16-mn sft of land parcel is a part of the airport management’s plan for commercial development of 22-mn sft land that may fetch Rs.18,000-cr in total
Hyderabad: In a significant development, the Mumbai International Airport Pvt Ltd (MIAL) owned by the GVK Group-led consortium on Wednesday had given 1.16 million square feet (5.47 acre) of land parcel on lease at the airport for Rs 580 crore to Oasis Realty Pvt Ltd for commercial development.
This transaction is part of the process of overall commercial development of 22 million square feet of the airport land on leasing basis in phases over a period of ten years, GVK said. Some estimates indicate that the overall commercial development of the 200-acre MIAL land is expected to fetch Rs 18,000 crore for the airport management. “This transaction has been finalised at the rate of approximately Rs 106 crore per acre which translates to total of Rs 580 crore for this parcel at approximately Rs 5,000 per square foot of built-up area,” a release from the GVK stated.
MIAL is undertaking the commercial development of the airport land under the GVK SkyCity which, GVK Group says, is an ambitious project set to redefine the face of Mumbai.
The project comprises luxury, first class, mid-market and budget hotels, serviced apartments, convention centre, entertainment centre, retail, office spaces, etc. It is master-planned, mixed use development with state-of-the-art planning and architecture, urban design and landscape, it added.
"Our vision for GVK SkyCity is to develop a vibrant 24x7 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 and proposed high speed-high volume traffic system (Western Express Highway, Andheri Ghatkopar Kurla Link Road, Metro-1, Metro-3, etc),” said GVK Reddy, Executive Chairman, MIAL and Chairman, GVK Group.
GVK SkyCity aspires of being the most eco-friendly large scale development and the tenants will be encouraged to value practices such as energy and water conservation, waste management and the improvement of indoor air quality, he explained. GVK-led consortium took over Chhatrapati Shivaji International Airport (CSIA) on May 3, 2006 under operation, management and development agreement (OMDA) executed between GVK-led consortium and Airports Authority of India (AAI) where operation, development, management, designing, construction, upgradation, modernisation and financing of airport is undertaken by GVK under a right of 30 years which can be extended by another 30 years.
The GVK-led consortium has drawn up plans to make CSIA one of the world’s best airports. Under this, it developed a new integrated Terminal 2 at CSIA which enhanced the airport’s capacity to service 40 million passengers and one million tonnes of cargo annually.
