te CIDCO cancels allotment of two plots in Navi Mumbai to Godrej Properties | Zee Business

CIDCO cancels allotment of two plots in Navi Mumbai to Godrej Properties

In March 2021, Godrej Properties had bought around 1.5 acre land parcels for Rs 166 crore in Mumbai through an e-auction conducted by CIDCO.

CIDCO cancels allotment of two plots in Navi Mumbai to Godrej Properties
It said there would be no material impact of the cancellation on the financial, operational or other activities of the company, image- PTI

City and Industrial Development Corporation of Maharashtra Ltd (CIDCO) has cancelled allotment of two adjacent plots in Navi Mumbai to Godrej Properties.

In March 2021, Godrej Properties had bought around 1.5 acre land parcels for Rs 166 crore in Mumbai through an e-auction conducted by CIDCO.

The two land parcels have 4 lakh square feet of development potential -- housing with a small amount of high-street retail.

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In a regulatory filing on Monday, Godrej Properties said CIDCO, by a letter dated October 11, 2023, has "issued an order to cancel the allotment of the two plots, situated at Sanpada, Navi Mumbai." "We believe that the cancellation is on untenable grounds and in contravention to the order dated May 3, 2023 passed by High Court of Judicature at Bombay in writ petition No. 2,475 of 2021 titled Godrej Properties vs State of Maharashtra," Godrej Properties said.

It said there would be no material impact of the cancellation on the financial, operational 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," it said.

Based on its assessment and prevailing law, Godrej Properties said it reasonably expects a favourable outcome given the current legal position.

Godrej Properties is one of the leading real estate firms in the country. It has a major presence in Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune and Bengaluru.

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Written By: PTI
Updated: Tue, Oct 17, 2023
10:48 am
Mumbai, PTI
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