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Hot Pursuit News

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(24 May 2024, 14:19)

Godrej Properties edges lower after Defence Ministry red flag's ongoing Kandivali project

Godrej Properties slipped 2.24% to Rs 2750 after media reports suggested that the Ministry of Defence raised objection against the real estate company's ongoing residential project in Kandivali, Mumbai.

As per reports, the Central Ordinance Depot has asked the Godrej company to suspend the project as it is 500 meters away from its office in Mumbai. The estimated income for the company from this project reportedly is Rs 7,000 crore.

The Godrej Reserve project is reportedly being built on an 18.6-acre land parcel. According the media reports, the developer has already launched about 1.91 million square feet and had got bookings for 1.51 million square feet worth Rs 2,693 crore.

A Godrej Properties spokesperson was quoted by the media saying: "As a responsible developer, all our projects commence post grant of appropriate and necessary approvals from concerned authorities.

In this case too, all requisite approvals from concerned authorities and RERA (Real Estate Regulatory A...

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