Godrej Landmark Redevelopers receives order for GST demand & penalty worth Rs 258.78 crore, ET RealEstate
NEW DELHI: Godrej Landmark Redevelopers (GLRPL), now merged with Godrej Projects Development (GPDL) which is a subsidiary of Godrej Properties, has received an order from the Additional Commissioner, CGST & C. Ex., Navi Mumbai, for GST demand of Rs. 129.39 crore along with interest and a penalty of Rs 129.39 crore.
The order is over alleged non-payment of GST in relation to one of the project developed by GLRPL in Mumbai.
“GPDL will challenge the order at the appropriate forum in accordance with the law and there is no material impact of the same on financial, operations or other activities of the company. Based on the company’s assessment and prevailing law, GPDL reasonably expects a favourable outcome from the appellate authority given the current legal position and the appropriate precedents,” the company said in the regulatory filing.
Recently another of its subsidiary Godrej Redevelopers (Mumbai) (GRMPL) had received an order for GST demand of Rs. 48.31 crore along with interest and a penalty of Rs 48.31 crore. The order was over alleged non-payment of GST in relation to one of the project developed by GRMPL in Mumbai.
CIDCO had also cancelled allotment of two adjacent plots situated in Sampada, Navi Mumbai to Godrej Properties. The company has however 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.