India’s leading private sector lender HDFC has put Jet Airways’ office property in Bandra Kurla Complex (BKC) in Mumbai on sale after the company failed to repay the loan of Rs 415 crore.
A 52,775 sq ft office space will be auctioned on May 15 at a base price of Rs 245 crore, according to the public notice issued by the lender.
The land was bought by the Jet Airways through an auction in 2008 for Rs 826 crore. The Godrej BKC building was developed by Godrej Properties in partnership with Jet Airways.
“The borrower has failed to repay the amount due to HDFC Ltd. Accordingly HDFC Ltd. has become entitled to enforce its mortgage over the immovable property,” the notice said.
Jet Airways suspended its entire operation temporarily on April 17 due to lack of funds. It owes its employees 400 crore in salary and its lenders 11,261 crore.