MCGM Refuses to Halt Godrej Properties' Kandivali Project Despite Defence Ministry Concerns
The Municipal Corporation of Greater Mumbai (MCGM) has rejected the defence ministry's request to issue a stop work notice to Godrej Properties' residential project in Kandivali, Mumbai.
Godrej PropertiesMcgmDefence MinistryKandivaliMumbaiReal Estate MumbaiJun 14, 2024
The COD had written to the MCGM seeking suspension of work at the 'Godrej Reserve' project, which is being built on an 18.6-acre land parcel with an estimated revenue potential of Rs 7,000 crore. The developer has already launched about 1.91 million sq ft and had got bookings for 1.51 million sq ft worth Rs 2,693 crore.
The MCGM, however, has stated that the project is permissible under the provisions of the Maharashtra Regional Town Planning Act, 1966, and the Development Plan, 2034. The civic authority has also pointed out that there are approximately 100 ongoing developments in the vicinity of COD, Kandivali, and Malad, which are permitted in accordance with the circular dated 21.10.2016.
Godrej Properties had bought the plot in December 2022 and has said that the project will have a development potential of about 3.72 million sq ft with an estimated revenue potential of nearly Rs 7,000 crore. The project will comprise mainly premium residential apartments and some retail units.
The defence ministry's Central Ordnance Depot (COD) is a unit of the Defence Ministry of India. The COD is responsible for the storage and supply of ammunition and other military equipment to the Indian Armed Forces.
Godrej Properties is a leading Indian real estate developer with a presence in Mumbai, Pune, Bangalore, and other cities. The company is known for its premium residential and commercial projects.
Godrej Properties Limited is a leading Indian real estate developer with a presence in Mumbai, Pune, Bangalore, and other cities. The company is known for its premium residential and commercial projects.
Frequently Asked Questions
What is the name of the Godrej Properties project in Kandivali?
The project is called 'Godrej Reserve'.
How much is the estimated revenue potential of the project?
The estimated revenue potential of the project is around Rs 7,000 crore.
Why did the defence ministry's COD object to the project?
The COD objected to the project because it is located within 500 metres of the Kandivali complex, which is a defence establishment.
What is the development potential of the project?
The project has a development potential of about 3.72 million sq ft.
When did Godrej Properties buy the plot for the project?
Godrej Properties bought the plot in December 2022.
Related News Articles
Crackdown on Tax Evasion: Income Tax Department Seizes ₹26 Crore Cash from Nashik-Based Jewellers
The Income Tax department has seized ₹26 crore cash and assets worth ₹90 crore from Nashik-based Surana jewellers
Ultra-Luxury Mansions in NCR: A Surge in Demand
In the lead-up to the festive season last year, the real estate market in the National Capital Region (NCR) of Delhi saw an unexpected surge, with record-breaking sales of ultra-luxury properties capturing the attention of both buyers and industry experts
Can a ₹50 Lakh Budget Buy You an Apartment in Mumbai? The Surprising Reality
If you've set aside ₹50 lakh to buy a property in Mumbai, you might be in for a surprise. While this amount might not be enough for a full apartment, it can get you something essential in the most sought-after areas. Read on to find out what.
Mumbai Property Registrations Show Slight Uptick in February
Property registrations in Mumbai's municipal region witnessed a marginal increase in February 2025, indicating a steady demand for housing in the city.
Sonam Kapoor Appointed as Brand Ambassador for Runwal Realty
Sonam Kapoor, the renowned Bollywood actress, has been named the brand ambassador for Runwal Realty, a leading real estate developer in the Mumbai Metropolitan Region (MMR) and Pune. This strategic move aims to enhance the company's brand presence and appeal to a wider audience.
Universal Studios: Launching an Iconic Amusement Park in India
Universal Studios is reportedly in talks with Bharti Real Estate to bring its first Indian theme park to life. This venture aims to create a major entertainment destination in the country.