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Jet gets September deadline for Mumbai property

Jet gets September deadline for Mumbai property
PTI
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First Published: Wed, Aug 05 2009. 03 36 PM IST
Updated: Wed, Aug 05 2009. 03 36 PM IST
Mumbai: Jet Airways on Wednesday got time till September for paying Rs800 crore for a property in Bandra-Kurla complex, but failure to meet this deadline would mean Jet would have to forfeit its security deposit.
“MMRDA has extended the time limit for Jet Airways till September for payment of Rs800 crore for the land in BKC,” said Mumbai Metropolitian Region Development Authority (MMRDA) chief Ratanakar Gaikwad.
In the event of the airline failing to make the payment, it would have to forfeit its security deposit, Gaikwad said.
In March 2008, Jet Airways bought 3,44,000 sq mt of commercial plot for Rs826 crore for developing its global headquarters in the central business district of Bandra-Kurla.
The company, which made part payment at the time of purchase, sought time till mid-October 2008 for making full payment but failed to honour it. Subsequently, it sought further extension.
After examining the matter, Jet Airways has been given extension till September but any failure to comply with the time limit, the Airline will have to forfeit its security deposit, Gaikwad said.
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First Published: Wed, Aug 05 2009. 03 36 PM IST