Advertisement
Bank of Baroda has placed the highest bid-INR 370 crore-for 83,000 sq. ft. of office space in Godrej BKC, formerly owned by Jet Airways. The auction, held under the Insolvency & Bankruptcy Code, had a reserve price of INR 335.24 crore. While the bank leads the bidding, final ownership depends on Brookfield Asset Management, which already owns two floors in the same building. The Godrej BKC property, a 19-story tower built by Godrej Properties and Jet Airways, includes high-profile tenants like the World Bank and PayPal. The space was recently unsealed by NCLT after earlier closure by the BMC due to unpaid dues.
Bank of Baroda has emerged as the highest bidder in the recent auction for 83,000 square feet of commercial office space previously owned by the defunct Jet Airways. The property, located in Godrej BKC attracted a winning offer of INR 370 crore from the public sector lender. This auction represents a key event in the ongoing insolvency proceedings of the former airline. Advertisement
The office space was put up for auction under the provisions of the Insolvency & Bankruptcy Code (IBC), 2016, with a reserve price set at INR 335.24 crore. While Bank of Baroda submitted the highest bid, the final ownership hinges on Brookfield Asset Management. Brookfield already holds a significant stake in the Godrej BKC building, having previously acquired two office floors from Jet Airways in the same structure for INR 490 crore in 2020. These floors are currently occupied by prominent tenants like the World Bank and PayPal.
Godrej BKC, a 19-story commercial building, was developed through a joint venture between Godrej Properties and Jet Airways. The vacant office space on the second floor, which was part of the recent auction, had faced temporary closure. It was previously sealed by the Municipal Corporation of Greater Mumbai (BMC) due to unpaid dues but was subsequently de-sealed following an order from the National Company Law Tribunal (NCLT), allowing its inclusion in the insolvency sale process.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
