Shares of Mumbai-based developer Godrej Properties Ltd. dropped more than 7% on Friday, September 10, as the settlement of its dispute over the Godrej Air project in Gurugram is expected to have a financial impact of approximately ₹70 crore on the company.
The real estate developer made the disclosure after market hours on Thursday, in response to a letter from the National Stock Exchange seeking clarification on a media report titled “Orris Infrastructure and Godrej Properties settles dispute over Gurugram project”.

Godrej Properties said the dispute was amicably, finally and conclusively settled through a Settlement Agreement dated August 25, 2026, following discussions between the parties that spanned more than a month. The settlement also benefits homebuyers of the project, the company said.
The parties are currently taking steps to implement the agreed actions under the settlement, with the process underway. The company said the matter relates to an order passed by the Bombay High Court on September 3, which recorded the execution of the Settlement Agreement.

The court has listed the matter for September 24 to report compliance with its directions. Godrej Properties said it had not disclosed the settlement earlier as the actions contemplated under the agreement were still being implemented. It said a disclosure before completion of the requisite actions would have been “premature and speculative” and that it would make the appropriate disclosure once the relevant actions are fulfilled and the compliance status is placed before the Bombay High Court.
On the impact of the media report on its shares, the company said there was no material movement in its share price on September 8 that was attributable to the report. Godrej Properties added that it has been and continues to be in compliance with its disclosure obligations under the SEBI Listing Obligations and Disclosure Requirements Regulations.

The company said it will update the financial impact of the settlement in its public disclosure once the actions under the Settlement Agreement are completed. Shares of Godrej Properties were trading near the day's low of ₹1,741.80, down 7% following the announcement on Friday.
The stock has declined about 14% so far in 2026.