Godrej Properties has revealed in a BSE filing that the City and Industrial Development Corporation of Maharashtra (CIDCO) has scraped the allocation of two plots in Sampada, Navi Mumbai. The company won these plots in a CIDCO e-auction in March 2021 with a bid of INR 166 crore.
In a regulatory filing, Godrej Properties stated that they believe the cancellation contradicts an order passed by the Bombay High Court on May 3, 2023. The company has initiated legal proceedings against the cancellation.
The company bid INR 166 crore, which was the highest bid for the two plots in the e-auction conducted by CIDCO in March 2021. Godrej Properties had plans to construct luxury residential flats on these plots, which span approximately 1.5 acres. According to estimates, the project can cover 4 lakh square feet.
The regulatory filing said, "Based on the company’s assessment and prevailing law, the company reasonably expects a favourable outcome given the current legal position."
In another development, Godrej Redevelopers (Mumbai) (GRMPL), a subsidiary of Godrej Properties, received a GST demand notice for INR 48.31 crore, along with an equal amount as a penalty.
GRMPL plans to challenge this order legally and stated that it will not have any significant impact on the company's financial or operational activities.
The GST demand notice is allegedly related to not paying GST for one of GRMPL's ongoing projects in Mumbai.
Share
Tweet
