Godrej Properties on October 16 announced that City and Industrial Development Corporation of Maharashtra Limited (CIDCO) has cancelled the allotment of two adjacent plots in Navi Mumbai's Sanpada area.
"We have to inform you that CIDCO by letter dated October 11, 2023 (received on October 16, 2023) has issued an order to cancel the allotment of the above two plots, situated at Sanpada, Navi Mumbai. We believe that the cancellation is on untenable grounds and in contravention to the order dated May 03, 2023 passed by Hon’ble High Court of Judicature at Bombay," Godrej Properties said in a regulatory filing.
"There is no material impact of the aforesaid cancellation on the financial, operations 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. Based on the company’s assessment and prevailing law, the Company reasonably expects a favourable outcome given the current legal position," the company added in the regulatory filing.
In March 2021, the company in a statement said that it emerged as the highest bidder in the CIDCO e-auctioning process with a total bidding value of Rs 166 crore for the two adjacent plots.
Also read: Godrej Properties highest bidder in CIDCO e-auction, total bidding value Rs 166 crore for two plots
"Situated approximately 1 km away from Palm Beach, Sanpada is a desirable location in Navi Mumbai and offers a well-developed social and civic infrastructure. Spread over ~ 1.5 acres, this project will offer ~ 4 lakh square feet of development potential comprising primarily of premium residential apartments of varied configurations with a small amount of high street retail at the base of the development," the company had said in a statement in March 2021.
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