Cidco cancels allotment of two plots in Navi Mumbai to Godrej Properties, ET RealEstate
NEW DELHI: The City and Industrial Development Corporation of Maharashtra (CIDCO) has cancelled allotment of two adjacent plots situated in Sampada, Navi Mumbai to Godrej Properties, the company informed in a BSE filing.
“..We believe that the cancellation is on untenable grounds and in contravention to the order dated May 03, 2023 passed by High Court of Judicature at Bombay in Writ Petition No. 2475 of 2021 titled Godrej Properties Ltd. vs. State of Maharashtra,” it said in the regulatory filing.
The company has challenged the cancellation order by filing a writ petition before the Bombay High Court. “Based on the company’s assessment and prevailing law, the Company reasonably expects a favourable outcome given the current legal position,” it said in the regulatory filing.
In March 2021, Godrej Properties had emerged highest bidder in the CIDCO e-auctioning process with the total bidding value of Rs 166 crore for the two adjacent plots.
The company had planned to develop premium residential apartments on land spread over ~ 1.5 acres. This project had development potential of about 4 lakh sq ft, according to the company.