Mumbai: Once a symbol of India’s private aviation boom, the grounded Jet Airways has inched closer to winding up its affairs as part of its ongoing liquidation process. The airline has confirmed that it will transfer the lease of its prime Bandra Kurla Complex (BKC) office space in Mumbai to a private entity for more than Rs 370 crore, subject to final regulatory approval.
The transaction involves the transfer of rights over a sprawling second-floor office at C-68, G-Block, BKC, to Parthos Properties Pvt Ltd. The deal, executed under the Insolvency and Bankruptcy Code and Liquidation Regulations, will require a nod from the Mumbai Metropolitan Region Development Authority before being completed. According to regulatory filings, the agreed transfer value is Rs 370.25 crore.
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Industry experts note that the development marks one of the final chapters in the story of an airline that was once synonymous with premium air travel. At its peak, Jet Airways operated over 120 aircraft and commanded one of the strongest domestic and international networks in the country. However, mounting debts, rising fuel costs and operational inefficiencies forced the airline to shut down abruptly in April 2019, after 25 years of operations.Following its grounding, lenders had referred the airline to resolution under the Insolvency and Bankruptcy Code. While a winning bidder had initially been selected, prolonged delays and unresolved financial hurdles meant that the plan could not be executed. The matter eventually reached the Supreme Court, which in late 2024 directed liquidation.
The current office lease transfer highlights the stark shift from once bustling corporate floors to liquidation of assets. Aviation industry observers suggest that the BKC property, located in Mumbai’s most sought-after business district, represents one of the few remaining high-value assets of Jet Airways. For Mumbai, the move also reflects the changing nature of urban real estate, where large corporate offices of airlines and legacy businesses are increasingly being reallocated to financial and technology-led enterprises, which dominate the city’s commercial growth.
Experts also point to how such high-value office transfers should be aligned with the city’s sustainable development goals. As Mumbai pushes towards becoming an equitable and carbon-neutral financial hub, ensuring that redeveloped commercial spaces follow eco-friendly building norms, energy efficiency standards and inclusive access will be critical. The transfer of the Jet Airways lease may, therefore, be more than just a financial transaction it is also a test case of how liquidated assets can be integrated into the broader vision of sustainable urban futures.Trading in Jet Airways shares remains suspended, with the carrier no longer seen as a viable aviation brand. Yet its long liquidation journey continues to capture public interest, not just for its corporate lessons but also for the way its assets are being reabsorbed into the economic ecosystem of India’s financial capital.
