The Indian Army’s Central Ordnance Depot (COD) that is located in Kandivali has requested the Brihanmumbai Municipal Corporation (BMC) to issue ‘Stop Work Notice’ to Godrej Properties Limited’s project Godrej Reserve Project, as per media reports.
According to media reports, the Indian Army has raised objections to this project owing to it being in close proximity to the sensitive military area. Note that presence of any commercial activity or even entry is not allowed upto 500 m from the military area.
The Godrej Reserve Project with an estimated revenue potential of around Rs 7,000 crore has a developable potential of around 3.72 million square foot (msf). Godrej Properties in an official release in April 2024 had said that it had sold an inventory worth Rs 2,690 crore in this project. The project was launched within 15 months of acquiring land.
The National Stock Exchange (NSE) on May 24, 2024 on its website put up a notice seeking clarification from Godrej Properties Limited with respect to recent news item captioned Defence Ministry points gun at Godrej’s housing project with revenue potential of Rs 7,000 crore in Mumbai. The NSE mentioned that a response from the company is awaited.
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