Godrej Properties slides in stock market after Defence Ministry objects to its Mumbai residential project
Mumbai/IBNS: Godrej Properties has suffered a jolt in the stock market after the Defence Ministry objected to its residential venture in Mumbai capable of producing revenue of Rs. 7,000, media reports said.
The shares of Godrej Properties went south by 3.80% on BSE Sensex on Friday.
The ministry has demanded the suspension of the work towards the project.
It has cited the project is too close to the Kandivali complex in Central Ordnance Depot (COD).
The Godrej Reserve Project, which is spanned across 18.6 acres, has already received bookings for 1.51 million sqft which is worth Rs. 2,693 crores.
Godrej Properties spokesperson said as quoted by Economic Times "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 Authority) are intact."
"We have not received communication from any concerned authority citing any non-compliance on our part," the spokesperson added.
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