Brookfield Expands Mumbai Real Estate Portfolio with Jet Airways’ Office Property
Brookfield Asset Management has acquired an additional office floor in Godrej BKC, a prime commercial tower in Mumbai's Bandra-Kurla Complex, through the insolvency process of Jet Airways.
Mumbai Real EstateGodrej BkcInsolvency ProcessBrookfield Asset ManagementJet AirwaysReal Estate MumbaiAug 10, 2025
Bank of Baroda initially emerged as the highest bidder, but Brookfield exercised its right of first refusal to match the bid and secure the asset. With this purchase, Brookfield’s footprint in the 19-storey premium commercial tower now spans about 250,000 sq ft across three contiguous floors, along with exclusive parking rights.
The deal also transfers Jet Airways’ seat on the building’s management board to Brookfield, giving the company greater say in operational and strategic matters concerning the property. This transaction underscores the attractiveness of prime BKC office space, despite the asset being sold on an ‘as is where is’ basis. The floor, earlier sealed by the Municipal Corporation of Greater Mumbai over unpaid dues, was de-sealed in April following an NCLT directive.
Industry sources reported that several end-user occupiers had shown interest during the bidding process and are expected to engage to lease the space. Rental rates in BKC have risen sharply by around 30% in the past three to four years, driven by limited new supply and sustained demand from multinational corporations and financial institutions.
At Godrej BKC, rents currently range between Rs 650 and Rs 700 per sq ft per month on a carpet area basis, placing it among Mumbai’s most expensive office locations. Brookfield is not new to the property. In 2020, as part of the same insolvency proceedings, it had acquired two floors in the building for Rs 490 crore. Those floors are fully leased to marquee tenants including the World Bank and PayPal, ensuring steady rental income.
Brookfield’s latest acquisition is part of its broader strategy to expand its premium commercial real estate portfolio in Mumbai. Recently, it secured plot C-80 in BKC, a prime two-acre site with development potential of over 3.6 lakh sq ft, further strengthening its presence in the city’s financial hub.
Godrej BKC, developed jointly by Godrej Properties and Jet Airways, has been a sought-after business address since its completion in 2011. The building’s location, design quality, and tenant profile have kept it at the forefront of Mumbai’s Grade-A office market, making Brookfield’s expanded ownership a strategic long-term bet on the city’s commercial growth.
Frequently Asked Questions
What is the significance of the Godrej BKC commercial tower?
Godrej BKC is a 19-storey premium commercial tower located in Mumbai’s Bandra-Kurla Complex (BKC). It is known for its prime location, high-quality design, and prestigious tenant profile, making it one of the most sought-after business addresses in Mumbai.
How did Brookfield acquire the additional office floor in Godrej BKC?
Brookfield Asset Management acquired an additional office floor in Godrej BKC through the insolvency process of Jet Airways, overseen by the National Company Law Tribunal (NCLT). Despite Bank of Baroda initially being the highest bidder, Brookfield exercised its right of first refusal to match the bid and secure the asset.
What are the current rental rates in BKC?
Rental rates in the Bandra-Kurla Complex (BKC) have risen sharply by around 30% in the past three to four years. At Godrej BKC, rents currently range between Rs 650 and Rs 700 per sq ft per month on a carpet area basis, making it one of the most expensive office locations in Mumbai.
What is Brookfield's broader strategy in Mumbai's real estate market?
Brookfield’s broader strategy is to expand its premium commercial real estate portfolio in Mumbai. This includes acquiring prime properties and development sites, such as the recent acquisition of plot C-80 in BKC, to strengthen its presence in the city’s financial hub.
What is the significance of Brookfield's expanded ownership in Godrej BKC?
Brookfield’s expanded ownership in Godrej BKC is a strategic long-term bet on the city’s commercial growth. It provides Brookfield with greater say in operational and strategic matters concerning the property and ensures a steady rental income from marquee tenants like the World Bank and PayPal.
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