According to media reports, the Central Ordnance Depot (COD) of the Indian Army, situated in Kandivali, has requested the Brihanmumbai Municipal Corporation (BMC) to issue a 'Stop Work Notice' to Godrej Properties Limited's Godrej Reserve Project. The Indian Army has reportedly objected to the project due to its close proximity to a sensitive military area. Commercial activities or entry are prohibited within 500 meters of the military zone.
The Godrej Reserve Project, estimated to generate revenue of approximately Rs 7,000 crore, has a developable area of around 3.72 million square feet. Godrej Properties announced the sale of inventory worth Rs 2,690 crore in April 2024, just 15 months after acquiring the land for the project.
On May 24, 2024, the National Stock Exchange (NSE) posted a notice on its website requesting clarification from Godrej Properties Limited regarding recent news concerning the Defence Ministry's concerns about the housing project's revenue potential in Mumbai. The NSE mentioned that it is awaiting a response from the company.
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