Godrej Properties prepared to buy back all units in contaminated Gurgaon building
Priya Singh | 2023-09-26
The earnings call to discuss the first quarter results of the company was partly dominated by the Gurgaon project
Godrej Properties is prepared to buy back all the units that it has sold in Godrej Summit in Gurgaon, a project in which the concrete used was found to be contaminated with chloride that causes corrosion in the steel reinforcement when mixed with water.
Executive Chairperson Pirojsha Godrej said that so far only about 50-odd residents have expressed interest in selling back their units of which 10 agreements have been executed. The sales in the project were a little over ₹1,000 crore.
“Our sense is that only a small portion of that (the total sales) is likely to come back, but, of course, the offer is open to any customer...we see the potential liability as all the customers,” Godrej told analysts. He added that most customers were interested in remaining in the project.
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