State acquires Air India building for Rs.16 billion
AVIATION & AIRPORTS

State acquires Air India building for Rs.16 billion

The state government’s decision to buy the iconic Air India building at Nariman Point for Rs.16 billion has been approved by the Maharashtra state cabinet. The building was constructed in 1974 on land owned by the state government. The 23-storey building was put up for sale in 2018 ...

The state government’s decision to buy the iconic Air India building at Nariman Point for Rs.16 billion has been approved by the Maharashtra state cabinet. The building was constructed in 1974 on land owned by the state government. The 23-storey building was put up for sale in 2018 as part of Air India’s asset monetisation plans. The state government had revised the bid to Rs.16 billion against Air India’s asking price of Rs.20 billion, after the Eknath Shinde government assumed office in June 2022. After the 2012 fire at Mantralaya, four major departments—public health, medical education, water supply and sanitation and rural development—have been operating from GT Hospital. These departments, along with others, will be shifted to the Air India building. In a related development, Tata-owned Air India (AI) has entered into a commercial lease agreement to occupy seven floors, spanning 0.18 million sq ft in Vatika One on One, situated in Gurugram’s Sector 16, for a duration of five years at an annual rent of `240.5 million. The Vatika office complex encompasses a 12-acre campus and provides seamless connectivity to the international airport.

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Real Estate

Della, Hiranandani & Krisala unveil Rs 11 billion themed township in Pune

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Infrastructure Urban

HCC Net Profit Stands at Rs 2.28 Billion for Q4 FY25

Hindustan Construction Company (HCC) reported a standalone net profit of Rs 2.28 billion in Q4 FY25, a sharp increase from Rs 388 million in Q4 FY24. Standalone revenue for the quarter stood at Rs 13.30 billion, compared to Rs 14.28 billion in Q4 FY24. For the full fiscal year, the company reported a standalone net profit of Rs 849 million, down from Rs 1.79 billion in FY24. Standalone revenue for FY25 was Rs 48.01 billion, compared to Rs 50.43 billion in the previous year.Consolidated revenue for Q4 FY25 stood at Rs 13.74 billion, and for FY25 at Rs 56.03 billion, down from Rs 17.73 billion i..

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