Executive Chairman Pirojsha Godrej has said the company received feedback on discomfort with redevelopment projects
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The shares price of Godrej Properties rebounded over 4 percent in the morning trade to Rs 1,570.6 on the National Stock Exchange on February 7 after the company walked back the plan to invest in DB Realty and a joint venture for slum rehabilitation in Mumbai.
The shares had fallen close to 10 percent on February 4 after the Mumbai-based realtor announced plans to invest Rs 400 crore to buy a 10 percent stake in DB Realty and set up a joint venture on slum redevelopment.
Executive Chairman Pirojsha Godrej told business news channel CNBC-TV18 that the company received feedback on discomfort with redevelopment projects. “We thought that the risk-reward balance was in place when we got into the deal,” Godrej said.
The company believed that an operating partnership would have created a lot of value as DB Realty had a lot of lands, he said. “We thought of capturing the value,” Godrej told CNBC-TV18.
After the market’s close on February 4, Godrej Properties notified the stock exchanges that it has decided not to proceed with the investment in DB Realty after taking into consideration the feedback from stakeholders and minority investors.
Also read: Stock markets message to Godrej Properties: Grow fast, but not at all cost
The company may, however, continue to explore the possibility of evaluating projects with DB Realty on a case-to-case basis, the company said.
At 10.08 am, shares of the company were up 4.2 percent at Rs 1,570.6 on the NSE.
