GVK Power spurts on awarding first land parcel to Oasis for commerical development

 
BSE Code - 532708
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       GVK Power & Infrastructure's subsidiary, Mumbai International Airport (MIAL) has kicked started monetization of commercial real estate by finalizing lease of one of the parcel, to Oasis Realty. This parcel will have a potential for commercial development of 1.166 million square feet. This is part of the process of overall commercial development of 22 million square feet in phases over a period of 10 years. This transaction has been finalized at the rate of approximately Rs 106 crore per acre which translates to total of Rs 580 crore for this parcel at the rate of approximately Rs 5,000 per square foot of build-up area.
     GVK led consortium took over CSI Airport on May 03, 2006 under Operation, Management and Development Agreement (OMDA) executed between GVK led consortium and Airports Authority of India where operation, development, management, designing, construction, up-gradation, modernization and financing of airport is undertaken by GVK under a right of 30+30 years.
     GVK SkyCity, a master-planned, 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 GVK SkyCity shall include  uses like luxury, first class, mid-market and budget hotels, serviced apartments, convention center, entertainment center, retail, office spaces, etc.
      GVK power is currently trading at Rs 13.02, up by 0.62 points from its previous closing of Rs 12.40 on the BSE.