Mumbai Airport SkyCity takes off after leasing land to Oasis Realty

By Charlotte Turner |

Mumbai International Airport Pvt. Ltd. (MIAL), a GVK Led Consortium has kick-started its commercial real estate project, GVK SkyCity, by finalising the lease of a large piece of land, to Oasis Realty Pvt. Ltd.

 

The potential 1.166m square foot commercial development, to sit on the land mass, is part of larger commercial development of 22m square feet to be completed in phases over a period of 10 years.

 

The transaction has been settled at Rs.106 Crore per acre which translates to a total of Rs.580 Crore and approximately Rs.5000 per square foot of build-up area.

 

GVK SkyCity will include retail, luxury, mid-market and budget hotels, serviced apartments, a convention centre, an entertainment centre and office space.

 

‘REDEFINING THE FACE OF MUMBAI’

The 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.

 

“GVK SkyCity, is a 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,” says GVK.

 

“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.”

 

GVK Mumbai International Airport Pvt Ltd (MIAL) is a Public Private Partnership joint venture between GVK-led consortium and Airports Authority of India (AAI).

 

GVK MIAL was awarded the mandate for operating and modernising Chhatrapati Shivaji International Airport, Mumbai (CSIA).

 

The new integrated Terminal 2 at CSIA will increase the airport’s capacity to 40m passengers. “The new ‘Terminal 2’ resonates cultural richness & legacy of India through a seamless amalgamation of architecture, design and the largest programme for art in public space spanning across the terminal,” says GVK.

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