As the sole bidder, the Canada-based private equity fund had bid at the reserve price and did not face competition, banking sources said.
At that price, the 1.7 lakh sq ft office space in Godrej BKC Building works out to Rs 29,000/sq ft.
Bankers said it was a good price given the market conditions and uncertainty over real estate prices. Its sale was delayed as although lenders had initiated bankruptcy proceedings, the floors were mortgaged to HDFC.
Jet bid Rs 826 crore for plot in 2008
Bankers are unlikely to get the sale’s proceeds. Bulk of funds will go to HDFC and a small amount will clear airline debts from US Exim Bank.
Jet Airways, which shut down last year, had bid Rs 826 crore during an MMRDA auction to develop the BKC plot in 2008. The cash-strapped airline later tied up with Godrej Properties in 2011 to jointly develop the plot. In 2015, drug-maker Abbott India bought 4.35 lakh sq ft space in the building for Rs 1,479 crore. HDFC said the property was mortgaged to it by Jet.
A report by real estate consultancy firm JLL said workplace design will see a shift over time due to Covid-19 with a mixed response from occupants. While telecommuting will become more mainstream, leading firms worldwide will embrace flexible workplace arrangements and take steps for social distancing and good hygiene, it said.