Tag Archives: Godrej Group

MahaRERA directs Godrej, a real estate developer, to reimburse a portion of the amount that the buyer forfeited.

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Experts predict that more real estate developers may encounter situations similar to the one described in the ruling, in which the amounts forfeited due to booking cancellations exceed the legally allowable limit. 

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has ordered Godrej Greenview Housing Private Limited of Godrej Properties to refund the remaining amount to a homebuyer who canceled their booking of an apartment worth Rs 92 lakh at the Godrej Emerald project in Thane, near  Mumbai, and only deduct 2% instead of 5%. 

Ajit Dabhade, the buyer, paid an earnest money of Rs 5 lakh in June 2019 to reserve a flat worth Rs 92.17 lakh. However, Dabhade opted to revoke the reservation because of difficulties getting the promised loan to cover registration and stamp duty. Godrej Properties then lost all of the money that Dabhade had paid. 

MahaRERA ordered the developer to deduct only 2% of the flat’s total consideration value in response to Dabhade’s complaint; this would mean that the homebuyer would receive a refund of the remaining amount. 

Dabhade claimed that his inability to receive the entire loan amount as promised made it difficult for him to move through with the purchase. Dabhade chose to cancel, which led to Godrej Properties’ Forfeiture even though the developer offered an amnesty program in 2021 to lessen the interest that has to be paid. 

In its March 11, 2024 ruling, MahaRERA found the developer’s forfeiture of the entire amount be unlawful, citing provisions under the Real Estate (Regulation and Development) Act, 2016 (RERA).  

Although the booking application form permitted forfeiture of up to 5%, the authority clarified that Godrej Properties’ actions went beyond the bounds of the law. 

Upon canceling the booking, the developer lost all the funds the buyer had paid, which amounted to over 5% of the flat’s total consideration value. According to the terms of the booking application from dated June 22, 2019, the developer has forfeited this amount. But according to the RERA’s provisions, the developer’s forfeiture of this amount– more than 5% of the flat’s total consideration — is not right or appropriate,” the MahaRERA order stated. 

Additionally, MahaRERA upheld its previous August 2022 order, allowing a maximum forfeiture of 2% of homebuyers who decide to cancel. The authority clarified that Godrej Emerald and other registered projects are subjected to its directives retroactively. 

As a result, Godrej Greenview Housing Private Limited has been given 45 days from the order’s receipt to return the money Dabhade paid, less than 2% of the entire flat value. 

Godrej Properties did not respond to an email request for comments. 

Chennai’s Oragadam district is home to the newly designed Godrej Sunrise Estate.

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Do you want to purchase or invest in land next to a vast 250-acre forest encircled by greenery? Godrej Sunrise Estate is Godrej Properties’ first-ever planned development project in Chennai. What makes this project so appealing as a purchase, and what makes it unique? Investigate its cost and geographic benefit to find out.

One of the most reputable brands in India’s real estate industry, Godrej Properties, introduced the project. Godrej Properties’ Sunrise Estate has a registration number of TN/01/Layout/3492/2023 with the Tamil Nadu Real Estate Regulatory Authority (TN RERA). Discover its USP, cost, features, Payment schedule, and other important information.

An overview of the Godrej Sunrise Estate project in Oragadam

About 1,000 residential plots are available in the 60-acre gated community of Godrej Sunrise Estate. The park and green areas occupy about six acres of the project area. The park and green areas occupy about six acres of the project area. Remarkably, 250 acres of Vattambakkam Reserve Forest encircle the project. It indicates plenty of greenery and a healthy environment for the residents to enjoy and unwind in.

Orgadam’s Godrej Sunrise Estate: Highlights of the project

Let us examine some of the main USPs of Godrej Sunrise Estate in Oragadam, Chennai:

  • Godrej Properties’ first-ever planned development in Chennai
  • The presence of four themed parks
  • The Vattambakkam Reserve Forest is nearby.
  • A 1.3-kilometer walking trail and an 800-meter bike path 
  • Tucked away next to a calm lake and pond. 

Oragadam’s Godrej Sunrise Estate: Project features

The facilities at Godrej Sunrise Estate were to meet the need for a contemporary, health-conscious lifestyle. The project’s four themed parks- Exploration Park, Cultural Park, Serene Park, and Healing Park- are some of its most notable features. The project’s clubhouse is about 12,000 square feet and has a (G+2) structure. 

The following are some of the main amenities the project will provide: 

  • Main Court
  • Arena of Campfires 
  • Children’s Play Area
  • Camping Ground 
  • Tot-Lot Section 
  • Canine Park 
  • A fitness center
  • Areas for Senior Citizens
  • Crossfit Hall
  • Ground for Multiple Activities 
  • Versatile Play Area
  • Garden of Flowers 
  • Tennis Court 
  • Herbaceous Garden
  • A Cricket Box 
  • Yoga Area
  • Garden of Aromas 
  • Meditation Area 
  • Orchard 
  • Running Route 
  • City Forest 
  • Cycle Route 
  • Gathering Court 
  • Acupressure Route 
  • Pool for Swimming 

Details about the price range and plot size of Godrej Sunrise Estate in Oragadam

The developer at Godrej Sunrise Estate is offering plots ranging in size from 600 square feet to 2400 square feet. The price of the land varies from about Rs 18 lakh to Rs 65 lakh. A seven percent stamp duty and registration fees based on the value of the land are among the state taxes that apply to the plots.

  • 600 sq ft – Rs 17.99 lakh
  • 1500 sq ft –  Rs 44.99 lakh 
  • 1800 sq ft – Rs 49.99 lakh 
  • 2200 sq ft – Rs 54.99 lakh 
  • 2400 sq ft – Rs 64.99 lakh

An Overview of Godrej Sunrise Estate in Oragadam 

Several important topics were discussed in the earlier sections of Godrej Sunrise Estate, including cost, financing options, and facilities. It is time to learn more about Oragadam, the project’s location, and its potential for future developments in terms of social amenities, connectivity, and price trends. Finding out more about these crucial elements will aid in estimating the potential return on investment for the project.

Connectivity around Godrej Sunrise Estate in Oragadam, Chennai 

Oragadam, a burgeoning micro market in West Chennai, is a well-known industrial center that houses auto companies’ manufacturing facilities. Excellent road and motorway networks guarantee easy mobility between Oragadam and other city areas. The following shows how far Godrej Sunrise Estate in Oragadam is from landmarks:

  • Oragadam’s proximity to SH-48 and SH-57 improves its connectivity to the rest of the city. 
  • The main routes that lead to passing close by are Perumalpattuu-Kottamedu Road and Tambaram-Mudichur-Oragadam Road. 
  • The Chennai-Nagapattinam Highway takes about 37 km to get to the project site from the Chennai International Airport.
  • The KAI Commuter Yogyakarta Line’s Padur Station, which is about 10 kilometers away, is the closest train station. 

Let us now examine the social amenities that make this neighborhood a great place for locals to live. 

Chennai’s Oragadam: Social facilities 

Schools and hospitals, among other vital social amenities, are close to Oragadam, Chennai.

  • Thriveni Academy Sr. Sec. School- PSP Medical College – Kummavakkam Lake 
  • APN Vidyalaya Matriculation Hr. Secondary School- Rela Hospital- Vallakottai Murugan Temple 
  • Government High School- Parvathy Hospital- Sri Agatheeswarar Temple  

Chennai’s Oragadam: Cost trends over the previous five years

About 60% of the total residential inventory in Oragadam, an affordable suburb of Chennai West, consists of residential plots. Conversely, with inventory making up about 23% of the total, residential apartments are the second most desired property type. Plots in Oragadam typically cost Rs 1,500 per square foot. Over the previous five years, prices in the area have increased by roughly 20%. 

Chennai’s Oragadam: Potential for Investment

In and around Orgadam, several significant infrastructure projects are in the works. We expect these to raise the area’s connectivity quotient. Here are some significant advancements that are either planned or in the process of being built:

  • The Sriperumbudur connector point (20 km away) will be part of the Chennai-Bangalore Expressway, which is currently under construction. Following the completion of the expressway, commuters ought to have improved intercity connectivity. 
  • Singaperumalkoil, which is 19 km away, will be crossed by the future Chennai Peripheral Ring Road, which will be advantageous to the locals in terms of connectivity.
  • Because of the proposed medical devices park in Oragadam, employment opportunities in the area should improve. 

Property values in Oragadam will continue to increase in the upcoming years because of these building projects. Therefore, given the current circumstances, it seems worth investing in Godrej Sunrise Estate. Before acting, an investor should, nevertheless, constantly monitor the project’s development and consider the advice of a real estate consultant regarding the marketing’s economics.   

Godrej Properties to Raise Rs.700 Cr, Targets Growth

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Godrej Properties, the real estate wing of Godrej Group, has announced its plan to raise Rs.700 Cr. The fund will be raised through rights issue.

MUMBAI: The real estate wing of Godrej Group, Godrej Properties, has announced its plan to raise a fund worth Rs.700 Cr. The fund will be fully utilized for developing its new projects. Godrej Properties plans to raise the fund through rights issue.

Aiming growth and for developing more number of realty projects, Godrej Properties plans to raise Rs.700 Cr through rights issue. Continue reading →

After September 2010, Godrej Properties Posts Its Worst Ever Quarterly Performance

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Godrej Properties,  part of the Godrej group and one of the most promising Indian real estate companies, posted its worst ever quarterly performance after the September 2010 quarter when compared year on year. The company has registered a subdued growth of 8% in its consolidated net sales and 17.4% drop in operating profit. The company’s performance was impacted by subdued sales volumes, weak operating margins and a slowdown in execution. Over 60% of its total income during the quarter was accounted for from projects connected to group companies. The remaining projects earned a negligible margin. Certain commercial projects were sold below the break-even cost leading to drop in margins.

Cost escalation and higher share of minority interest also impacted the company’s margins. Growth in sales volumes have not been very encouraging in its Garden City project in Ahmedabad which contributed 16% to the total income compared to 49% in the preceding December quarter. Net debt after excluding the money rose from IPP stood at 1554 crore leading to debt equity of 0.85. This is higher than the ratio of 0.55 at the end of the previous fiscal.

The company’s management though is optimistic about improving margins, ramping up execution and launching 17 new residential projects in FY13. Maintaining the health of its balance sheet is going to be a major priority. However for now, the stock is likely to see some more correction as the Street would knock off the premium built into the realty stock price on account of the company’s asset light model, good track record and reputation of its promoters.

Godrej Properties Stands Tall, But Weak Demand is a Concern.

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Worried about economic and political factors influencing the real estate sector, investors have dumped real estate stocks in the past few months. The 15-member BSE realty index is down by 40 percent in past one year. The members of the index have had varying degrees of fall in their stock prices ranging between 8.5 percent and 81 percent during the same period. However, through all this, the Godrej Properties scrip has not only held its ground, but also registered 19 percent appreciation in price in the last one year.

One of the few business houses to be in real estate, Godrej Properties is a national real estate developer with presence across 11 cities in mid-income housing development. One of the biggest advantage enjoyed by the company is the equity of its brand “Godrej”. At a time when the sector is losing investor confidence due to some of its players’ supposed involvement in corruption, having a strong and reliable brand in the realty space could not have been more cherished by Godrej Properties.

Given the command of high interest rates, high influence is yet another issue for real estate companies. The low capital-intensive model is a good change over other capital-intensive companies. The fourth quarter ended March 2011 has been the best one for the company driven by sales from its projects in Ahmedabad and Gurgaon. The company is expected to launch 4.5-5.5 million square feet area in fiscal 2012.

Though, one of the concerns is its geographic concentration of the company’s landbank around half of which is located in Ahmedabad and another concern is the weak demand in Mumbai market where the company’s ambitious project ‘The Trees’ is being constructed at Vikhroli. The demand should recover by the next 02 years.

35 Acre Land by Godrej for Development

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Chunk
April 17, 2010

Godrej Group, Mumbai’s biggest landowner, is likely to release by the end of this year in Vikhroli, a prime 35-acre chunk.
In the recent past, this could be one of the largest drapes of unencumbered realty hitting the market. In the eastern suburbs, most of the large industrial plots sold to developers over the past 10 years were between 5 and 20 acres.
In Vikhroli, it is estimated that the Godrej controls around 4,000 acres most of which is constituted of a huge mangrove sprawl. This mangrove sprawl is titled as the best preserved mangrove park in Mumbai by environmentalists.
On Tuesday, the executive director of Godrej Properties, Pirojsha Godrej revealed to Times of India that for mixed-use development, a big plan is being prepared. And it is being prepared by none other than architect Cesar Pelli.