Godrej Properties clears air around its Kandivali residential project

May 28, 2024: In connection to the clarification demanded by the National Stock Exchange (NSE) to Godrej Properties on May 24, 2024, regarding the Godrej Reserve Project, Kandivali, Mumbai, the developer provided the following clarification. Excerpts…

NSE: Whether such negotiations/events were taking place? If so, you are advised to provide the said information along with the sequence of events in chronological order from the start of negotiations/events till date?

Godrej Properties: We wish to clarify that we have not received communication from any concerned authority citing any non-compliance on our part. For the project – Godrej Reserve, we have taken all requisite approvals from the concerned authorities for development of the project, and we are certain that all approvals related to the project are intact.

NSE: Whether you/company are aware of any information that has not been announced to the Exchanges which could explain the movement in the trading, if any? Further, you are advised to provide the said information and the reasons for not disclosing the same to the Exchange earlier as required under regulation 30 of the SEBI (LODR) Regulations, 2015.

Godrej Properties: We are not aware of any such information that required disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“the Listing Regulations”) since we have not received communication from any concerned authority citing any non-compliance on our part referred to in the article.

About the Godrej Properties case

The case in point is that of the Godrej Reserve Project in Kandivali, Mumbai that has a developable potential of around 3.72 million square foot (msf) and has an estimated revenue potential of around Rs 7,000 crore. As per media reports, the project is in close proximity to the Indian Army’s Central Ordnance Depot (COD), that led to objection on its development.