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Godrej Properties wins 7.5-acre plot for luxury development in Gurugram
Godrej Properties (GPL) has secured a 7.5-acre plot on Golf Course Road, Gurugram, through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP). The plot offers a development potential of over 1.7 million square feet for luxury residential apartments, with an estimated revenue potential of Rs 5,500 crore. This marks the 11th project acquired by GPL in FY25, taking its total business development value to Rs 22,950 crore, exceeding its annual target of Rs 20,000 crore. GPL’s recent growth is highlighted by strong sales bookings, with a five-fold increase in net profit to INR 3..
Godrej Summit buyers awarded compensation for missing amenities in Gurgaon
Flat buyers of Godrej Summit in Gurgaon, including Ravikant Bansal, Vivek Talwar, and Deepak Dhody, were compensated after the builder failed to provide promised amenities. The buyers had booked a Rs 2 crore flat, which was marketed with specific features like a 24-meter wide road access and full utilities. However, the project had multiple lapses, including a 10.06-meter road, water tankers, and power generators instead of consistent services. In a ruling on October 11, 2024, the National Commission ordered the builder to refund the entire amount along with 9% interest. The commission noted t..
Housing Ministry to incentivise planned urbanisation of peri-urban areas
The Ministry of Housing and Urban Affairs is focusing on promoting planned urbanisation in peri-urban areas to curb haphazard growth and illegal construction. As part of its recommendations to the Sixteenth Finance Commission, the ministry aims to incentivise state-level planning for urban expansion in these areas. The commission, which will finalise its recommendations by October 2025, seeks to improve the revenue generation of urban local bodies while encouraging sustainable development. This shift in focus from urban to peri-urban areas follows the Fifteenth Finance Commission's emphasis on..
