Realty firm Godrej Properties Limited announced on Tuesday, September 9, that the final arbitration award in its dispute with GoldBricks Infrastructure Private Ltd regarding the Anandam project in Nagpur has issued. Most claims from GoldBricks rejected.
The arbitration involved claims totaling about ₹1,366 crore from GoldBricks. The award allowed only ₹240.8 crore, along with simple interest at 12% per year from the award date until payment made.
Arbitrator rejects claims on Godrej Properties by GoldBricks
The arbitrator did not accept the remaining claims from GoldBricks or the counterclaims from Godrej Properties. The company noted that the award does not fully reflect its arguments and positions. It is now reviewing the award and consulting with legal experts to challenge it in the Bombay High Court.
Last month, Godrej Properties Ltd stated that it had become the highest bidder for a 7.8-acre land parcel in Kukatpally, Hyderabad, with a total bid value of ₹547.78 crore. The project expected to generate revenue of ₹3,800 crore.
TGHB Issue Allotment Letter to Real Estate Firm
The Telangana Housing Board (TGHB) conducted the e-auction for Residential Group Housing. Godrej Properties said that TGHB issue the allotment letter after the due process is completed. The land is near HITEC City and will feature premium residential apartments of various configurations.
“Building on the strong response to our recent launch, Godrej Madison Avenue at Kokapet, our presence here allows us to bring national-scale expertise while designing developments that create long-term value for our residents,” said Gaurav Pandey, MD and CEO of Godrej Properties.
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