Jet Airways' 1.47-acre plot at the Bandra Kurla Complex (BKC) in Mumbai in
Maharashtra is surrounded by uncertainties.
In March 2008, Jet Airways had won the rights to develop this plot in an open
auction from the MMRDA for Rs 826 crore. By 30 September 2009, Jet was to pay
about Rs 400 crore, which is 50 per cent of the outstanding amount along with 14
per cent interest on the amount. The remaining money was to be paid in a year's
time. It was unable to make the payment on time due to the global downturn.
Now, MMRDA is likely to float fresh bids for the plot if the remaining full
payment is not made soon. Jet could also lose Rs 10 crore, which was paid as
earnest money paid for the plot.
Upon completion of the transaction, the plot was to be leased to the company
for 80 years.