Godrej Reserve Project In Mumbai's Kandivali Objected By Indian Army COD; Company Shares Slump

Godrej Reserve Project In Mumbai's Kandivali Objected By Indian Army COD; Company Shares Slump

The COD send a letter to the city's local body, the Municipal Corporation for Greater Mumbai or MCGM, to exigently issue a 'Stop Work Notice' to the Godrej Reserve project.

Juviraj AnchilUpdated: Friday, May 24, 2024, 11:42 AM IST
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Godrej Properties

The Indian Army's Central Ordnance Depot or COD, in Mumbai's northern suburb of Kandivali has objected and therefore sought to stop a luxury residential project developed by the Godrej Group. Godrej is one of the biggest names in the Mumbai real estate segment.

The COD send a letter to the city's local body, the Municipal Corporation for Greater Mumbai or MCGM, asking it to exigently issue a 'Stop Work Notice' to the Godrej Reserve project.

According to the Army, the project is located too close to a sensitive military establishment. In fact, it is is situated at a distance of 250 metres, within the 500-metre zone, where entry or any commercial activity is truncated.

According to existing laws, such construction cannot be permitted within a 100-metre radius of a defence establishment's periphery.

In addition, a physical edifice of up to a maximum of ground plus three floors is permitted only within 100–500 metres. These buildings can only be constructed after obtaining a no-objection certificate (NOC) from the Defence Department.

Neitzens reacted to this development in mixed voices. While, a lot of them questioned the rectitude of BMC and even questioned the process through which this project was vetted and how it slipped through the cracks.

Meanwhile, other online sources pointed at the need for housing in the northern suburbs and some even raised questions about the need for a defence apparatus in the middle of the city, away from any frontier.

Meanwhile, the company shares also appear to have taken a hit as a result of the development, the shares of Godrej Properties dipped 2.18 per cent in the early hours of the day's trade on Friday, May 24. In fact, just in the past five days of trading, the value has slumped 4.81 per cent. The price of each individual share of the company is Rs 2,753.40.

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