Jet Airways is set to sell the right to develop a 2.5 acre plot in the Bandra Kurla Complex, to Godrej Properties for Rs 550 crore in a cash-cum-debt deal. Godrej Properties would pay Rs 200 crore in cash and to absorb Rs 350 crore of debt - the money Jet owes to HDFC Bank to buy Rs 400 crore land - to obtain the right to develop the land. The deal is likely to be signed in a fortnight.

Earlier, Jet had unsuccessful discussions with a consortium consisting of Morgan Stanely and Oberoi Constructions, and Bharti Enterprises.