Abbott India buys commercial property from Godrej Developers for Rs 1,480 cr in mumbai

Godrej property

Abbott India, one of the fastest growing Pharmaceutical firm has bought 4,35,000 sq. ft. of commercial property from Godrej Developers, which is located at Mumbai’s Bandra-Kurla Complex and the price of deal was Rs 1,480 crore.

Godrej BKC is one of the largest and high-end commercial real estate projects in all over Mumbai as it has approximately 1.3 million sq. ft. area which is saleable at Bandra – Kurla Complex. For the development of the project, Godrej Properties has partnered with Jet Airways and it is expected that it will be completed by the end of 2016. According to officials, overall project will be developed in collaboration with international architects and renowned engineering consultants.

SOM (Skidmore, Owings and Merrill), a leading architectural firm, which has designed the Burj Khalifa in Dubai (the world’s tallest building in world) and the Freedom Tower in New York is designing the building, whereas; Larsen & Toubro is constructing Godrej BKC. According to Pirojsha Godrej, CEO and MD of Godrej Properties, “This deal will be the important driver for our plan as it has potential to unlock the commercial portfolio as well as it will provide the required pace of our growth which is going forward. According to officials, of Abbott India, the new corporate office will allow to consolidate its previous offices and operations of Mumbai at a single location.

As per the statement of Miles D. White, who is CEO and Chairman of Abbott India, “In present India is among fastest developing nation and it is important places in the world and due to that we are investing according to that. The new office of Abbott India will be the work station of 1,500 employees and Abbott India will anticipates occupying the building in the starting of 2016.