Shares of Godrej Properties Ltd. dropped nearly 2% on Wednesday following reports that the Central Bureau of Investigation (CBI) has registered a First Information Report (FIR) against its subsidiary, Godrej Estate Developers, for alleged environmental violations in a completed project in Chandigarh.
The CBI alleges that Godrej Estate Developers and Berkeley Realtech Ltd (now RSA Motors Pvt Ltd) developed commercial projects—Godrej Eternia and Berkeley Square—without obtaining mandatory clearance from the National Board of Wildlife (NBWL). These projects reportedly fall within a 10-km eco-sensitive zone of Sukhna Wildlife Sanctuary and City Bird Sanctuary in Chandigarh.
Godrej Properties responded by expressing surprise over the FIR and stated that it would take necessary steps to protect its customers’ interests. The company emphasized that the project in question was completed in compliance with all required approvals.
The FIR follows a preliminary enquiry (PE) initiated in 2023 after a complaint from an under-secretary at Punjab Raj Bhawan. The CBI is investigating allegations of cheating and corruption in the project’s development.
Godrej Properties’ stock opened at ₹1,985.00, reaching a high of ₹2,002.10 and a low of ₹1,949.50. The stock remains volatile, trading near its 52-week low of ₹1,901.00, while far from its 52-week high of ₹3,402.70.
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