{"id":105906,"date":"2023-08-02T15:28:49","date_gmt":"2023-08-02T09:58:49","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=105906"},"modified":"2023-08-02T15:28:51","modified_gmt":"2023-08-02T09:58:51","slug":"godrej-board-approves-rs-155-crore-for-housing-repair-in-gurugram-offers-relief-via-buybacks","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/godrej-board-approves-rs-155-crore-for-housing-repair-in-gurugram-offers-relief-via-buybacks\/","title":{"rendered":"Godrej Board approves Rs 155 crore for housing repair in Gurugram; offers relief via buybacks"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2494083667\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Godrej Properties, which is part of business conglomerate Godrej Group, is one of the leading real estate firms in the country. It has a major presence in Mumbai-Metropolitan Region (MMR), Delhi-NCR, Pune and Bengaluru.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2403708366\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>Godrej Properties on Wednesday said its board has approved Rs 155 crore for repair work in its completed housing project &#8216;Godrej Summit&#8217; at Gurugram, in Haryana after chloride was found in concrete used in the buildings.<\/p><p>Godrej Properties also announced an offer to buy-back flats or provide rentals to all the unit holders of the project.<\/p><p>In February last year, a partial collapse of a residential tower in Chintels Paradiso project in Gurugram led to the death of two women. Widespread corrosion of steel reinforcement in structure was found in many towers of this society.<\/p><div class=\"trade-content_5\" id=\"trade-1395576962\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>In a regulatory filing, Godrej Properties informed that its arm Godrej Projects Development Ltd (GPDL), which completed the Godrej Summit project in phases in 2017 and 2018, recently appointed an external expert to undertake a detailed independent assessment of a quality issue discovered in the project.<\/p><p>&#8220;This assessment identified the presence of chloride in the concrete used in the project, which when in contact with water, leads to corrosion of steel reinforcement.<\/p><p>&#8220;The external experts further advised that with the required repair and maintenance framework, the building is expected to perform as per its intended design life,&#8221; the company informed.<\/p><p>Accordingly, Godrej Properties said that an estimated amount of Rs 155 crore towards 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.<\/p><p>GPDL said it has the ability to claim against the contractors who constructed the Godrej Summit project.<\/p><p>&#8220;GPDL has also made an offer to buy back units or provide rentals to all the unit holders of the project and will account for the buyback if and when the intending customers execute the relevant documentation with GPDL,&#8221; the filing said.<\/p><div class=\"trade-content-10\" id=\"trade-1068805012\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>GDPL had developed this project, comprising a total saleable area of 2.1 million square feet, in partnership with the landowner. It had an economic interest of 65 per cent in the project in terms of sharing of saleable area, according to an investor presentation.<\/p><div class=\"trade-after-content\" id=\"trade-2409500181\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Godrej Properties, which is part of business conglomerate Godrej Group, is one of the leading real estate firms in the country. It has a major presence in Mumbai-Metropolitan Region (MMR), Delhi-NCR, Pune and Bengaluru. Godrej Properties on Wednesday said its board has approved Rs 155 crore for repair work in its completed housing project &#8216;Godrej [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":81130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-105906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Godrej Board approves Rs 155 crore for housing repair in Gurugram; offers relief via buybacks - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"Godrej Properties, which is part of business conglomerate Godrej Group, is one of the leading real estate firms in the country. 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