Godrej Properties announced on Thursday that as a result of settling disagreements concerning its Godrej Air project in Gurugram with partner Orris Infrastructure, the company will face an estimated financial impact of around 70 crore rupees.
Godrej Properties stated in a filing with the stock exchanges that the company will update this information in public disclosure after the actions stipulated in the Settlement Agreement are completed.
This move followed the arrest of Orris Managing Director, Amit Gupta, by Mumbai police last month. The arrest was related to allegations of falsification, fraud, and criminal breach of trust in Vikhroli concerning the Godrej Air project.
According to previous media reports, Gupta was detained in connection with a case registered at the Vikhroli police station on March 17 under FIR 0183/2026. The complaint was filed by Nishikant Bapushheb Patil, advisor to the legal and secretarial department of Godrej Properties.
Godrej Properties alleged that the LLC accounts submitted to the company registry were unauthorizedly altered and forged documents were used for these submissions.
Nevertheless, both firms reached an amicable agreement. Following this, the Bombay High Court ordered Gupta's immediate and unconditional release on August 25.
Godrej Properties emphasized that it employs various dispute resolution strategies depending on the nature and circumstances of each case. The firm noted that after discussions between the parties lasting over a month, the disputes regarding the Godrej Air project were amicably and finally settled through the Settlement Agreement dated August 25, 2026, which also guarantees the interests of the project's homebuyers.
It was added that the parties are currently taking necessary steps to implement the agreed actions under the Settlement Agreement, and this process is underway. Since the actions stipulated in the agreement are in progress, Godrej Properties stated that any disclosure before the completion of the necessary measures would be premature and speculative.
The company also reported that it will provide appropriate disclosure if and when required, after completing the relevant actions and presenting the compliance status at the next hearing in the Bombay High Court, scheduled for September 24, 2026.
On Thursday, Godrej Properties shares closed trading on the Bombay Stock Exchange (BSE) at 1,869 rupees per share, showing a rise of 0.48 percent during the day.