Godrej Properties Ltd gets favorable verdict on writ petition against CIDCO cancellation of plots in Navi Mumbai

Godrej Properties Ltd had emerged as the highest bidder for two adjacent plots in Sanpada, Navi Mumbai from the City and Industrial Development Corporation of Maharashtra Limited ("CIDCO") through the eauctioning process; and (2) dated October 16, 2023, informing about the order by CIDCO dated October 11, 2023 (received on October 16, 2023) cancelling the allotment of the above two plots and filing of Writ Petition by the Company before the Hon'ble High Court of Judicature at Bombay to challenge the said cancellation by CIDCO.

The Hon'ble High Court of Judicature at Bombay vide its order dated February 12, 2024, uploaded on February 20, 2024, has ruled in favour of the Company in Writ Petition No. 13050 of 2023 by quashing the cancellation order dated October 11, 2023 issued by CIDCO cancelling the allotments of 2 adjacent plots in Sanpada, Navi Mumbai and has directed CIDCO to accept the monies within 10 weeks, enter into lease deed for both the plots, deliver possession and take up applications for permissions.

Shares of Godrej Properties Limited was last trading in BSE at Rs. 2342.05 as compared to the previous close of Rs. 2300.90. The total number of shares traded during the day was 31850 in over 2830 trades.

The stock hit an intraday high of Rs. 2368.10 and intraday low of 2300.45. The net turnover during the day was Rs. 74539261.00.

Source : Equity Bulls

Keywords

GodrejProperties INE484J01027 Realty FavorableVerdict WritiPetition PlotsAllotment NaviMumbai CIDCO