October 17, 2023: Godrej Properties on October 16, 2023 in a Bombay Stock Exchange filing announced that the City and Industrial Development Corporation of Maharashtra (Cidco) has cancelled allotment of two adjacent plots in Sanpada, Navi Mumbai.
Cidco in a letter dated October 11, 2023 that was received by Godrej Properties on October 16, 2023 issued an order to cancel the allotment of the two plots.
“We believe that the cancellation is on untenable grounds and in contravention to the order dated May 03, 2023 passed by Hon’ble High Court of Judicature at Bombay in Writ Petition No. 2475 of 2021 titled Godrej Properties Ltd. vs. State of Maharashtra (“Cancellation Order”),” said Godrej Properties in the regulatory filing. “There is no material impact of the aforesaid cancellation on the financial, operations or other activities of the Company, however, the Company has challenged the Cancellation Order by filing a Writ Petition before the Hon’ble High Court of Judicature at Bombay. Based on the Company’s assessment and prevailing law, the Company reasonably expects a favourable outcome given the current legal position,” the company mentioned in the regulatory filing.
Godrej Properties in March 1, 2021 had informed the BSE that Godrej Properties emerged as the highest bidder for the two adjacent Sanpada plots in Navi Mumbai that it was intending to purchase from the Cidco through the e-auctioning process. The company had bid for Rs 166 crore.
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With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
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