Godrej Properties rises after Bombay HC quashes CIDCO's decision to cancel plot allotment

Godrej Properties Share Price: Godrej Properties shares jumped on BSE on Friday (February 23, 2024) after the Bombay High Court ruled against CIDCO's decision to cancel the allotment of two plots to the real estate company. 

The shares of Godrej Properties were trading up by 1.32 per cent, or Rs 31.55, at Rs 2418.80 each at 10:35 am.

The stock jumped to the day's high of 2439.00 per cent, or 2.17 per cent, from the previous close of Rs 2387.25. 

Godrej Properties said on Friday said that a Bombay High Court had quashed the City and Industrial Development Corporation of Maharashtra Limited's (CIDCO) decision to cancel two plots in Navi Mumbai to the real estate firm.

The Bombay High Court has given CIDCO 10 weeks to accept the price of the plot from Godrej Properties and has also asked to complete the lease deed of both the plots.

Earlier, the company was declared the highest bidder to purchase two plots in Sanpada (Navi Mumbai) through e-auction in March 2021.

The company had bid Rs 166 crore for both adjacent plots and had informed bourses about the bid win.

But CIDCO cancelled the allotment in October 2023. 

Godrej Properties filed a writ petition in the Bombay High Court.

The High Court vide its order dated February 12, 2024, uploaded on February 20, 2024, ruled in favour of the company, Godrej Properties said in a statement.