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Godrej Properties is going To Invest Rs 155 Cr* To Repair the Housing Project In Gurugram

Godrej Properties is going To Invest Rs 155 Cr* To Repair the Housing Project In Gurugram

Godrej Properties has approved Rs 155 crore for repair work in its completed housing project “Godrej Summit” in Gurugram. In Haryana, chloride was found in concrete used in these buildings. The group also announced an offer to buy back flats or offer rentals to all the unit holders of the projects. 

Last year in February, a partial collapse of the residential tower in the Chintels Paradiso project in Gurugram led to the death of two women. Due to the widespread corrosion of steel reinforcement in structure was found in many towers of this society. 

When it comes to regulatory filing, Godrej Properties also informed that its arm Godrej Projects Development Ltd. which completed the Godrej Summit project in phases in 2017 and 2018, recently appointed an external expert to undertake a detailed independent assessment of quality issues discovered in the project. 

This assessment also identified the presence of chloride in the concrete used in the project, which when in contact with water, leads to corrosion of steel reinforcement. The external experts further advised that it also required a repair and maintenance framework. The building is also expected to perform as per its intended design life, said Godrej Properties. 

Godrej Properties said that the estimated amount of Rs 155 crore toward repair, maintenance, customer claims, or any ancillary costs has been provided in the unaudited financial results of the company for the quarter ended June and approved by the board on Wednesday. 

GPDL also said that it has the ability to claim against the contractors who constructed the Godrej Summit project. 

GDPL has also made an offer to get back units or provide rentals to all the unit holders of the project and it will also account for the buyback. When the intended customers execute the relevant documentation with GPDL, said the filling. 

GDPL has developed this project while compromising a total saleable area of 2.1 million square feet. It also has an economic interest of 65 percent in the projects in terms of sharing of saleable area, according to an investor presentation. 

Godrej Properties is a part of the business conglomerate Godrej Group is one of the leading real estate firms in the country. It also has a major presence in the Mumbai metropolitan region, Delhi NCR, Pune and Bengaluru 


Axiom Landbase

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