Godrej Properties buys 27 acre land in Delhi for luxury housing project

In a major land deal, realty firm Godrej Properties on Monday said it has acquired nearly 27 acre land parcel in the national capital for Rs 1,359 crore to develop luxury housing project.

The company said in a statement that it has added a new project in theresidential market of Ashok Vihar, Delhi.

"With the land acquisition value at Rs 1,359 crore, this is one of the largest land transactions in India in recent times," Godrej Properties said.

The payment for this land will be made in instalments over several years as stipulated in the tender documents.

The company will develop a luxury housing project on this 26.58 acre land parcel, with a built up area of 3.28 million sq ft.

This is Godrej Properties' second project in Delhi after the launch of Godrej South Estate in Okhla in 2019.

The company has developed many successful residential projects in other parts of NCR, including Gurgaon and Noida.

Pirojsha Godrej, Executive Chairman, Godrej Propertiessaid, "We believe this project in central Delhi is one of the most exciting projects in our development portfolio and will contribute significantly to the growth of our business in NCR. We will seek to ensure a landmark project that delivers an outstanding lifestyle for its residents".

Godrej Properties is a real estate arm of the Godrej group.

Godrej to challenge NGT order quashing green nod to residential project

Realty firm Godrej Properties on Wednesday said it will challenge the NGT order quashing environmental nod granted to one of its housing project in Bengaluru, saying no construction work has been done in the buffer zone of lake. The National Green Tribunal (NGT) quashed the environmental clearance (EC) granted to a high-rise residential project being built by Godrej in Bengaluru for raising construction in the buffer zone of Kaikondrahalli lake.

“NGT has passed an order concerning our projects in Bengaluru. We reiterate that as a responsible corporate, we follow all concerned regulations and are confident of our compliance in this project,” Godrej Properties said in a statement.

“There has been no construction in the buffer zone and we are confident of our merits and compliances in the case. We are in the process of challenging the said order,” it added.

Godrej Properties is the real estate arm of diversified Godrej Group.

Earlier, a Bench of NGT Chairperson Justice Adarsh Kumar Goel and Justice S P Wangdi said no environmental clearance could have been granted which permitted construction in the buffer zone of Kaikondrahalli lake and drains merely by imposing a condition that no such construction will be raised.

“Stand of the project proponent that the project is permissible cannot be accepted. It is clear that the project stipulates construction in the buffer zone, in violation of zoning plan and judgment of this tribunal as affirmed by the Supreme Court. Accordingly, the appeal is allowed and the EC is quashed,” the Bench said.

NGT quashes eco-clearance for Godrej residential project in Bengaluru

The National Green Tribunal has quashed the environmental clearance (EC) granted to a high-rise residential project being built by Godrej in Bengaluru for raising construction in the buffer zone of a lake.

A bench of NGT Chairperson Justice Adarsh Kumar Goel and Justice S P Wangdi said no environmental clearance could have been granted which permitted construction in the buffer zone of Kaikondrahalli lake and drains merely by imposing a condition that no such construction will be raised.

"Stand of the project proponent that the project is permissible cannot be accepted. It is clear that the project stipulates construction in the buffer zone, in violation of zoning plan and judgment of this tribunal as affirmed by the Supreme Court. Accordingly, the appeal is allowed and the EC is quashed," the bench said.

The tribunal directed the State Environment Impact Assessment Authority (SEIAA) - Karnataka, state pollution control board, Bruhat Bengaluru Mahanagara Palike and Bengaluru Development Authority to take further action in accordance with the law.

The NGT was hearing a plea by Bengaluru resident H P Rajanna against the construction of Godrej Reflections at Kasavanahalli village in Varthur Hobli of Bengaluru Urban district by Godrej Properties Ltd and Wonder Projects Development Pvt. Ltd.

Rajanna has challenged the order dated January 10, 2018, of SEIAA granting EC for construction of the project at survey nos. 61/2, 62 and 63/2, Kasavanahalli village, Varthur Hobli, Bengaluru East Taluk, Bengaluru district by Wonder Projects Developments Pvt Ltd.

According to the plea filed through advocate Rahul Choudhary, the construction is in the buffer zone of Kaikondrahalli lake, apart from one primary and two secondary 'rajkulewas' (storm-water drains).

"The area is eco-fragile and environmental load by the project would be much more than the carrying capacity of the area. The project proponent deliberately concealed relevant data. The project is in No Development Zone, being Buffer Zone of the lake," the plea said.

Working on long-term options to settle the matter, says Godrej group

A day after the Godrej family appointed advisors to help untangle its land holdings in Mumbai, the $4.5-billion group said it was working on long-term options to settle the matter.

In a joint statement issued on Thursday, Godrej group Chairman Adi Godrej and Godrej & Boyce Chairman Jamshyd Godrej said they had sought advice from external advisors to help them think through these options.

“We have been working on a long-term strategy plan for the group for several years. As part of this exercise, we have sought advice from external partners,” the statement said.

While Jamshyd Godrej has hired veteran investment banker Nimesh Kampani of JM Financial and lawyer Zia Mody of AZB Partners to help in the reorganisation of the land holdings, cousins Adi and Nadir (chairman, Godrej Agrovet) have hired banker Uday Kotak and Cyril Shroff of Cyril Amarchand Mangaldas to assist in the exercise.

At the heart of the disagreement is a 1,000-acre land parcel, part of the 3,400 acres owned by the family in Vikhroli, a northeastern suburb of Mumbai.

This land parcel can be developed into real estate worth up to Rs 1,00,000 crore — taking into account the per square feet price in Godrej’s Vikhroli complex.

The land parcel was acquired by the Godrej family in early 1940s from the Bombay High Court receiver.

It was originally given by the East India Company to a Parsi merchant, Framjee Banaji, in 1830s and came up for sale in 1941-42.

The Godrej family then bought the adjoining land from nearby landowners. It is now owned by unlisted Godrej & Boyce Manufacturing Company.

In 2011, the group’s listed real estate arm Godrej Properties had entered into an agreement with Godrej & Boyce to develop the land. The first project under the agreement was Godrej Platinum, a high-end residential project with 600,000 square feet for sale.

The project was part of the ongoing 35-acre mixed-use development, The Trees, at Vikhroli. The central mixed-use precinct, spread over 9.2 acres, will have a five-star luxury hotel, cultural buildings, luxury residential, and a high street retail park.

The family may rework this agreement to settle the dispute and the process may take time, it is learnt.