Bank of Baroda emerges top bidder for Jet Airways prime BKC Office

Public sector lender Bank of Baroda has emerged as the highest bidder for Jet airway’s prime second-floor office space in Mumbai’s upscale Bandra-Kurla Complex (BKC). The bank placed a bid of ₹370 crore, surpassing the reserve price of ₹335.24 crore set for the e-auction held on June 2, 2025.

The coveted property, located in the prestigious Godrej BKC building, spans a carpet area of approximately 52,202 square feet and a total saleable area of 83,524 square feet. It also includes 70 dedicated parking slots. The sale, which was initially scheduled for auction on June 5, 2025, according to an addendum notice dated May 23, 2025, is a crucial step in the liquidation process, aimed at monetizing Jet Airways’ assets to repay creditors.

However, the acquisition is not yet final. Brookfield Asset Management, which already owns two other floors (third and fourth) in the same building, holds the Right of First Refusal (ROFR) on this newly auctioned floor. This contractual right grants Brookfield a 15-day window to match Bank of Baroda’s highest bid if it wishes to acquire the property. Sources close to the matter suggest that Brookfield is likely to exercise this right, given its existing presence in the building and its previous acquisition of the adjacent floors for ₹490 crore in 2020. These floors are currently leased to prominent tenants like the World Bank and PayPal.

The second-floor office, which had previously been sealed by the Municipal Corporation of Greater Mumbai (MCGM) due to unpaid dues, was unsealed on April 28, 2025, following a directive from the National Company Law Tribunal (NCLT). The NCLT also ordered the suspension of any recovery proceedings by the civic body.

This asset is being sold on an “as is where is” basis under the Insolvency and Bankruptcy Code (IBC), with the successful bidder responsible for all taxes, dues, and transfer costs.

Jet Airways, once a leading full-service airline in India, ceased operations and entered corporate insolvency on June 20, 2019. Despite multiple attempts at revival and extensions granted to the Jalan-Kalrock Consortium, the approved resolution applicant, prolonged delays and legal disputes ultimately led to a court-ordered liquidation on November 26, 2024. The sale of this high-value BKC office space represents a significant move to unlock value for the airline’s creditors.

Also See: Jet Airways puts BKC office for sale; reserve price fixed at Rs 335 crore