Jet Airways on Wednesday got time till September for paying Rs 800 crore (Rs 8 billion) for a property in Bandra-Kurla complex, but failure to meet this deadline would mean Jet would have to forfeit its security deposit.
"MMRDA has extended the time limit for Jet Airways till September for payment of Rs 800 crore (Rs 8 billion) for the land in BKC," Mumbai Metropolitian Region Development Authority chief Ratanakar Gaikwad told reporters in Mumbai on Wednesday.
In the event of the airline failing to make the payment, it would have to forfeit its security deposit, Gaikwad said.
In March 2008, Jet Airways bought 3,44,000 sq mt of commercial plot for Rs 826 crore for developing its global headquarters in the central business district of Bandra-Kurla.
The company, which made part payment at the time of purchase, sought time till mid-October 2008 for making full payment but failed to honour it. Subsequently, it sought further extension.
After examining the matter, Jet Airways has been given extension till September but any failure to comply with the time limit, the Airline will have to forfeit its security deposit, Gaikwad said.