The Mumbai International Airport Ltd (MIAL) consortium in India has finalised a lease of one of the commercial development parcels to Oasis Realty for an estimated $95.99m.

Led by GVK, MIAL will invest the amount on the development of a 1.16 million square feet of land parcel. The deal is a part of the airport’s overall commercial development of 22 million square feet in phases over a period of ten years.

As a part of this transaction, the airport will spend $82.78 for each square foot of the build-up area.

"Our vision for GVK SkyCity is to develop a vibrant business and leisure hub and a global convention and hospitality destination."

The airport was taken over by GVK on 3 May 2006 under the operation, management and development agreement, which was executed between the GVK-led consortium and Airports Authority of India, where GVK took over the rights of the airport’s operations, development, management, designing, construction, improvements, modernisation and financing for a total of 60 years.

GVK also claims that the GVK Skycity project will be equipped with modern amenities and world-class facilities. It will comprise luxury, first-class, mid-market and budget hotels, as well as serviced apartments, convention centre, entertainment centre, retail and office spaces.

MIAL executive chairman GVK Reddy said: "Our vision for GVK SkyCity is to develop a vibrant business and leisure hub and a global convention and hospitality destination.

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"GVK SkyCity aspires of being the most eco-friendly large-scale development. Tenants will be encouraged to value practices such as energy and water conservation, waste management and the improvement of indoor air quality."