Godrej Properties is all set to buy all the units back sold in Godrej Summit in Gurgaon. It was a project where concrete was found mixed up with chlorine.
Godrej Properties decided to buy back all the units sold in Godrej Summit in Gurgaon. It was later revealed that the sold units were contaminated with chloride, which results in corrosion when it is mixed up with water.
The Executive Chairperson of Godrej Properties, Pirojsha Godrej, said that 50 residents are agreed to sell their properties back to the company. Out of these 50, 10 agreements are already in execution.
Further, he adds, “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 customers….we see the potential liability as all the customers.”
Godrej Properties will pay the rentals to the residents staying until the repair is done in the properties. The officials of Godrej Properties say that the cost of repairing the properties is estimated at around Rs. 155 crore. And once the purchased back units are repaired, they will be all set for sale again!
As per Godrej, the buyback price would be linked to the unit’s sale price ranging from Rs. 5,000 to Rs. 7,000 per sq ft during the launch.