Mumbai International Airport (MIAL), a GVK led consortium announced starting of monetization of commercial real estate by finalizing lease of one of the parcel to Oasis Realty for Rs 5.8 billion.

This parcel will have a potential for commercial development of 1.166 million square feet. This is part of the process of overall commercial development of 22 million square feet in phase over a period of 10 years.

GVK Reddy, executive chairman, MIAL said, "Our vision for GVK SkyCity is to develop a vibrant 24x7 business and leisure hub and a global convention and hospitability destination."  

Shares of the company gained Rs 0.62, or 5%, to trade at Rs 13.02. The total volume of shares traded was 499,595 at the BSE (9.55 a.m., Wednesday).