Godrej Properties takes a hit as subsidiary faces Rs 48.31-cr GST demand

In September, the company announced the acquisition of a land parcel of around 109 acres in Nagpur.

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The shares of Godrej Properties traded down marginally in early trade on October 16 after the company’s arm received GST demand and penalty notices.

At 9:22am, the stock was quoting Rs 1,677.60, down Rs 10.05, or 0.60 percent, on the BSE.

Subsidiary Godrej Redevelopers (Mumbai) Private Limited (GRMPL) on October 13 received an order from the additional commissioner of CGST and C. Ex., Navi Mumbai, for a GST demand of Rs 48,31,06,179 along with interest and a penalty of Rs 48,31,06,179 under Section 122(2)(b) of the Central Goods and Services Tax Act, 2017 (CGST Act 2017), company aid in its exchange filing.

The October 9 demand notice is for alleged non-payment of GST in relation to one of the project developed by GRMPL in Mumbai.

GRMPL will challenge the order at the appropriate forum in accordance with the law and there is no material impact of the same on financial, operations or other activities of the company, it added.

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Last week, Godrej Properties announced the opening of Taj The Trees at their flagship project – The Trees in Vikhroli, Mumbai. The hotel is entirely owned by Godrej Properties and will be managed by the Indian Hotel Companies Limited (IHCL) as a luxury Taj hotel.

In September, the company announced the acquisition of a land parcel of around 109 acres in Nagpur. The development on this land will primarily include plotted residential units, and will offer an estimated saleable area of 2.2 million square feet, as per regulatory filing.