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Updated:22 Aug, 2019, 15:59 PM IST

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Updated:22 Aug, 2019, 16:01 PM IST

DIRECTORS' REPORT

TO  

THE SHAREHOLDERS

Your Directors have pleasure in presenting the Thirtieth Directors' Report of your Company along with the financial statements for the financial year ended March 31, 2015.

1. OPERATING RESULTS:

Certain key aspects of your Company's performance (on a standalone basis) during the financial year ended March 31, 2015, as compared to the previous financial year are summarised below

2. DIVIDEND:

Your Directors recommend for approval of the Members at the ensuing Annual General Meeting for payment of a dividend of Rs. 21– per equity share (40%) of nominal value of Rs.5/– each for the financial year ended March 31, 2015 (previous year Rs.2/– per equity share of nominal value of Rs.5/– each). The dividend will be paid in compliance with the applicable rules and regulations.

3. SHARE CAPITAL

During the financial year ended March 31, 2015, your Company had issued and allotted 1,23,758 equity shares ofthe Company to eligible employees on exercise of options granted under the Godrej Properties Limited Employee Stock Option Scheme, 2011. Consequently, the issued, subscribed and paid–up equity share capital of the Company has increased from 19,92,34,030 equity shares of Rs.5/– each to 19,93,57,788 equity shares of Rs. 5/– each.

4. OVERVIEW OF OPERATIONS:

Your Company posted a total income of Rs. 718.70 crore during the financial year ended March 31, 2015.  Despite the current uncertainties and challenges in the real estate environment, your Company has successfully demonstrated strong value addition to its development portfolio. In the current financial year, your Company has signed 5 new projects adding approximately 8 million sq. ft. of saleable area to its portfolio. The new projects signed are located in Mumbai, the National Capital Region, Kolkata and Bengaluru. The projects added are all of substantial size and are in line with your Company's long term strategy of focusing on value accretive and risk efficient models.

In keeping with its vision of being amongst the top 3 developers in each market that it operates in, your company posted the second highest sales volume for listed developers during calendar year 2014. Your company also became the clear market leader in Gurgaon by selling over one million square feet of residential space over the course of the financial year ended march 31, 2015. The highlight of your company's performance at Gurgaon was the selling of the entire launched inventory of 213 apartments at Godrej Oasis and 250 apartments at Godrej Aria.

While real estate supply continues to outpace growth in  demand across most cities in the country, your Company achieved more than one million square feet in each of the first two quarters and reached its second highest sales in a single financial year. There were successful  new project launches in the National Capital Region (NCR) and Pune, with project phase launches in various cities all over India. Your Company also increased its sales outreach, establishing a sales office in Dubai, UAE and partnering with electronic commerce portals to tap a new segment of customers.

The highlight of the year for your Company was the successful launch of Godrej Aria in the Gurgaon. The launch was achieved within 4 (four) months of the project being added to your Company's portfolio. Another milestone for your Company was the launch of Godrej Infinity in Pune and Godrej Oasis in the NCR. Godrej City at Panvel, Mumbai also witnessed strong uptake in the market, selling over 330,000 square feet in less than a month.

With the current challenges facing the Indian economy dampening commercial real estate sales across major cities in the country, your Company managed to successfully sell out Godrej Waterside project in Kolkata during the first quarter of current financial year.

Your Company continues to deliver on its vision of being the most trusted name in the real estate industry, and has been recognized as such, winning the 'Most Reliable Builder for 2014' at the CNBC AWAAZ Real Estate Awards 2014. Your Company has intensified its efforts with regards to its customer–centric initiatives, and is continuously incorporating customerfeedback in design and specifications, across all its projects. Your Company has made good progress in its customer management and marketing abilities through numerous targeted customer engagement programs and innovative digital campaigns.

Your Company's credit rating has been upgraded by ICRA from A+ to AA–, which will allow access to cheaper capital, showing confidence in your Company's operations.

Your Company and its projects received 55 awards in the financial year ended March 31, 2015 at the entity and project levels including the 'Innovation Leader in Real Estate' at the NDTV Property Awards 2014, the 'Brand Excellence in Real Estate Sector' at the Global Brand Excellence Awards 2014, was selected as one of 'India's Top 5 Most Admired Builders' during the Construction World Architect and Builders (CWAB) Awards 2014 and named as "Asia's most promising brand" by World Consulting & Research Corporation (WCRC).

In recognition of your Company's endeavour to maintain outstanding employee practices and encourage a collaborative and inspiring work environment, your Company was ranked amongst 'India's Top 50 Companies to Work for' for the third consecutive year during 2014 and Ranked #1 in the Real Estate and Construction Sector in a study conducted by the Great Places to Work Institute and the Economic Times for the fourth consecutive year.

5. FUTURE PROSPECTS AND OUTLOOK OF THE COMPANY:

With the real estate markets and customer sentiments closely correlated to the overall growth in the Indian economy, your Company expects that the real estate sector would improve, with reduction in the cost of borrowing, overall economic growth and lowered inflationary pressures. Some challenges would remain though, in the form of excess supply in the market and the inevitable price correction. However, your Company is committed to meet and exceed the expectations of all its stakeholders.

In order to achieve the same, your Company shall continue to build scale through capital efficient business models such as sourcing land under the joint development model and the development management model. Your Company's primary areas of focus for new business development shall be major cities of Mumbai, NCR and Bengaluru while at the same time opportunistically pursuing other key markets. Your Company's business development strategy shall be aligned towards less capital intensive Profit Sharing and Development Management models. Additionally, your Company will focus on sourcing land with large capital requirements in our target geographies under the Residential Co–investment platform with your Company acting as the development manager for these projects and sharing in the equity profits as well.

On the operational front, timeliness of launches and execution shall continue to be a strong focus area for your Company. Your Company will continue to improve its project execution capabilities across regions, strengthened through continuously improving internal processes and internal capability building. Other focus areas for your Company shall be optimizing return on capital and developing crisis and risk management capabilities.

6. DEPOSITORY SYSTEM:

Your Company's equity shares are available for dematerialisation through National Securities Depository Limited and Central Depository Services (India) Limited. As on March 31, 2015, 99.97 % of the equity shares of your Company were held in dematerialised form.

7. EXTRACT OF ANNUAL RETURN:

The Extract of Annual Return as provided under Section 92(3) of the Companies Act, 2013 (Companies Act) and as prescribed in Form No. MGT–9 of the Companies (Management and Administration) Rules, 2014 is appended as Annexure I to this Report.

8. NUMBER OF MEETINGS OF THE BOARD:

The Board met Ave times in the financial year March 31, 2015 viz., on May 2, 2014, August 2, 2014, November 6, 2014, January 27, 2015 and February 11,2015.

9. DIRECTORS' RESPONSIBILITY STATEMENT:

Your Directors hereby confirm that:

i. In the preparation of the annual accounts for the financial year ended March 31, 2015, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii. They have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company as at March 31, 2015 and of the profit of the Company for the year ended on March 31,2015

iii. They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act and rules made thereunder, as amended for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities.

iv. They have prepared the annual accounts for financial year ended March 31, 2015 on a 'going concern' basis.

v. They have laid down internal financial controls to be followed by your Company and that such internal financial controls are adequate and have been operating efficiently.

vi. They have devised proper systems to ensure compliance with provisions of all applicable laws and that such systems were adequate and operating effectively.

10. DECLARATION BY INDEPENDENT  DIRECTORS:

The Independent Directors of your Company have submitted the declaration of Independence as required under Section 149(7) of the Companies Act, confirming that they meet the criteria of independence under Section 149(6) of the Companies Act and Clause 49 of the Listing Agreement entered into by your Company with BSE Limited and the National Stock Exchange of India Limited (Listing Agreement).

11. POLICY ON DIRECTORS' APPOINTMENT  AND REMUNERATION:

The policy of the Company on directors' appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a Director and other matters provided under Section 178(3) of the Companies Act, is appended as Annexure II to this Report.

12. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The details of loans given, investments made, guarantees given and securities provided under Section 186 of the Companies Act have been provided in the notes to the standalone financial statements.

13. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED

PARTIES:

All transactions entered into during the financial year 2014–2015 with Related Parties as defined under the Companies Act and Clause 49 of the Listing Agreement were in the ordinary course of business and on an arm's length basis. During the year, the Company had not entered into any transaction referred to in Section 188 of the Companies Act, with related parties which could be considered material under the Listing Agreement. Accordingly, the disclosure of Related Party Transactions as required under Section 134(3) of the Companies Act in Form AOC–2 is not applicable. Attention of Members is drawn to the disclosures of transactions with related parties set out in Notes to Accounts – Note No. 36 forming part of the Standalone financial statements.

As required under Clause 49(VIII) of the Listing Agreement, the Company has formulated a Related Party Transactions Policy which is available on the website of the Company at <https://www.godrejproperties.com/> investor/corporate governance.

14. MATERIAL CHANGES AND  COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

There have been no material changes and commitments affecting the financial position of the Company which have occurred between March 31, 2015 and the date of this Report.

15. PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The particulars in respect of conservation of energy, technology absorption and foreign exchange earnings and outgo, as required under Section 134(3)(m) of the Companies Act read with the Companies (Accounts) Rules, 2014 is appended as Annexure III to this Report.

16. BUSINESS RISK MANAGEMENT:

As required under Clause 49 of the Listing Agreement, your Company has constituted a Risk Management Committee consisting of key executives of your Company and an independent director to identify and assess business risks and opportunities. The Risk Management Committee identifies the risks at both enterprise level and at project level.

The business risks identified are reviewed by the Risk Management Committee and a detailed action plan to mitigate identified risks is drawn up and its implementation monitored. The key risks and mitigation actions are also placed before the Audit Committee of the Company.

17. CORPORATE SOCIAL RESPONSIBILITY:

A Corporate Social Responsibility (CSR) Committee has been constituted in accordance with Section 135 of the Companies Act. The details required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 are given in CSR Report appended as Annexure IV to this Report.

18. VIGIL MECHANISM:

Your Company has established a vigil mechanism for directors and employees to report their genuine concerns, details of which have been given in the Corporate Governance Report forming part of this Annual Report.

19. ANNUAL EVALUATION OF PEFORMANCE  OF THE BOARD:

Your Company conducted a formal Board Effectiveness Review as part of its efforts to evaluate, identify improvements and thus enhance the effectiveness of the Board of Directors (Board), its Committees, and individual directors. This was in line with the requirements mentioned in the Companies Act and the Listing Agreement.

The Corporate HR team of Godrej Industries Limited and Associate Companies (GILAC) worked directly with the Chairman and the Nomination and Remuneration Committee of the Board, to design and execute this process which was adopted by the Board. Each Board Member completed a confidential online questionnaire, providing vital feedback on how the Board currently operates and how it might improve its effectiveness.

The survey comprised of four sections and compiled feedback and suggestions on:

• Board processes (including Board composition, strategic orientation and team dynamics);

• Individual committees;

• Individual Board members; and

• Chairman's Feedback Report

The following reports were created, as part of the evaluation:

• Board Feedback Report

• Individual Board Member Feedback Report

• Chairman's Feedback Report

The overall Board Feedback Report was facilitated by Mr. Keki Dadiseth with the Independent Directors. The Directors were vocal about the Board functioning effectively, but also identified areas which show scope for improvement. The Individual Committees and Board Members' feedback was shared with the Chairman. Following his evaluation, a Chairman's Feedback Report was also compiled.

20. SUBSIDIARY COMPANIES:  

A. Subsidiaries

During the financial year under review, Godrej Home Developers Private Limited and Godrej Hillside Properties Private Limited were incorporated as wholly owned subsidiaries of your Company.

As at March 31, 2015, your Company had 12 subsidiaries (direct and indirect), namely, Godrej Realty Private Limited, Godrej Real Estate Private Limited, Happy Highrises Limited, Godrej Premium Builders Private Limited, Godrej Buildcon Private Limited, Godrej Garden City Properties Private Limited, Godrej Projects Development Private Limited, Godrej Landmark Redevelopers Private Limited, Godrej Redevelopers (Mumbai) Private Limited, Godrej Green Homes Limited, Godrej Home Developers Private Limited and Godrej Hillside Properties Private Limited.

The Company shall provide a copy of the annual accounts of its subsidiary companies to the members of the Company and also to the members of the subsidiary companies on their request. The annual accounts of its subsidiary companies will also be kept open for inspection by any members at the registered office of the Company and also at the registered office of its respective subsidiary companies during business hours.

During the financial year under review, pursuant to the agreements entered into by your Company with Shubh Properties Cooperatief U. A, and others (the 'Investors'), your Company has sold 74.9% of the equity share capital of Wonder City Buildcon Private Limited ('WCBPL') to the Investors. WCBPL has ceased to be a subsidiary of your Company post transfer of equity shares by the Company.  Wonder Space Properties Private Limited and Wonder City Buildcon Private Limited are associate companies ofyour Company.

During the financial year under review, Godrej Buildwell Private Limited, subsidiary of your Company, was amalgamated with Godrej Projects Development Private Limited in terms of the Scheme of Amalgamation (the Scheme) sanctioned by the Hon'ble Bombay High Court vide its order dated April 18, 2015. The appointed date of the Scheme was December 1, 2014.

The Board of Directors of the Company, at its meeting held on January 27, 2015, approved merger of Godrej Premium Builders Private Limited (step–down subsidiary company) with Godrej Projects Development Private Limited (a wholly owned subsidiary), in its capacity as a shareholder, through a Scheme of Amalgamation, subject to the necessary approvals as may be required. The appointed dated of the Scheme of Amalgamation is April 1, 2015. An application for approval ofthe Scheme of Amalgamation has been filed with Hon'ble High Court of Bombay.

B. Limited Liability Partnerships (LLPs)

Your Company is a partner in the following LLPs as of March 31,2015:

1. Godrej Property Developers LLP

2. Godrej Vikhroli Properties LLP

3. Mosiac Landmarks LLP

4. Dream World Landmarks LLP

5. Oxford Realty LLP

6. SSPDL Green Acres LLP

7. MS Ramaiah Ventures LLP

8. Oasis Landmarks LLP

9. Caroa Properties LLP

10. Amitis Developers LLP

11. Godrej Construction Projects LLP

12. Godrej Housing Projects LLP

C. Material Non–Listed Indian Subsidiary

During the Financial Year ended March 31, 2015, the Company was not required to appoint an Independent Director of the Company on the Board of any of its non–listed Indian Subsidiary

21. PERFORMANCE AND FINANCIAL POSITION OF SUBSIDIARIES,  ASSOCIATES AND JOINT VENTURE  COMPANIES:

As required under Clause 32 of the Listing Agreement and Section 129 of the Companies Act, 2013, the consolidated financial statements have been prepared by the Company in accordance with the applicable accounting standards and form part of the Annual Report. A statement containing the salient features of the Financial Statements of the subsidiaries, joint ventures and associate companies of your Company in Form AOC–1 as required under Rule 5 ofthe Companies (Accounts) Rules, 2014 form part of the notes to the financial statements.

23. SIGNIFICANT AND MATERIAL ORDERS

PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS:

There are no significant material orders passed by the regulators/courts/tribunals which would impact the going concern status of your Company and its future operations.

24. INTERNAL FINANCIAL CONTROL SYSTEM:

The Company has an internal financial control system commensurate with the size, scale and complexity of its operations. Your Company has in place a mechanism to identify, assess, monitor and mitigate various risks to key business objectives. Major risks identified by the businesses and functions are systematically addressed through mitigating action on continuing basis. These are routinely tested and certified by Statutory as well as Internal Auditors. Significant audit observations and follow up actions thereon are reported to the Audit Committee.

25. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

In accordance with the Articles of Association of the Company and the provisions of the Section 152(6)(e) of the Companies Act, 2013, Mr. Jamshyd N. Godrej (DIN: 00076250) will retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for re­appointment.

The Board of Directors at its meeting held on February 11,2015, appointed Mr. Mohit Malhotra(DIN: 07074531) as an Additional Director with effect from April 1, 2015. Mr. Mohit Malhotra holds the office up to the date of ensuing Annual General Meeting. The Company has received a notice in writing, under Section 160 of the Companies Act, from a Member along with a cheque of Rs. 1 lakh in favor of the Company proposing the candidature of Mr. Mohit Malhotra for the office of Director, liable to retire by rotation, at this Annual General Meeting. The Board also appointed Mr. Mohit Malhotra, subject to approval of the members of the Company, as the Executive Director of the Company, with effect from April 1, 2015 for a period of 3 (three) years.

The Board of Directors at its meeting held on January 27, 2015, re–appointed, subject to approval of the members of your Company, Mr. Pirojsha Godrej as the Managing Director & Chief Executive Office of the Company with effect from April 1, 2015 for a period of 3 (three) years.

As part of talent rotation within the Godrej Group, Mr. V. Srinivasan (DIN: 00208978) has moved to another Godrej Group Company from April 01, 2015 and accordingly resigned from the Board and as Executive Director of the Company with effect from April 1, 2015. The Board places on record its appreciation for the valuable services rendered by Mr. V. Srinivasan to the Company during his tenure as the Executive Director of the Company.

The Board of Directors at its meeting held on November 6,2014, appointed Mr. SurenderVarma as the Company Secretary and Chief Legal Officer of the Company.

Mr. Shodhan Kembhavi resigned as Vice President (Legal) & Company Secretary of the Company with effect from August 2, 2014. The Board places on record its appreciation for the valuable services and guidance given by Mr. Shodhan Kembhavi to your Company during his tenure as Vice President (Legal) & Company Secretary of the Company.

26. AUDITORS' APPOINTMENT:

M/s. Kalyaniwalla & Mistry, Chartered Accountants (Firm Registration No. 104607W) were appointed as the Statutory Auditors ofthe Company at last Annual General Meeting to hold office from the conclusion of this 29th Annual General Meeting till the conclusion of the 32nc Annual General Meeting to be held in 2017, subject to ratification of their appointment at every Annual General Meeting. The Board of Directors of the Company at its meeting held April 30, 2015 recommended to members of your Company ratification of appointment of M/s. Kalyaniwalla & Mistry as the Statutory Auditors of the Company for the financial year 2015–2016.

There are no qualifications, reservations or adverse remarks or disclaimers made by Kalyaniwalla & Mistry, Statutory Auditors, in their report.

27. COST AUDITORS:

The Board of Directors of the Company, on recommendation of Audit Committee, appointed M/s. R Nanabhoy & Co, Cost Accountants, as Cost Auditors of the Company for the financial year 2015–16 at a fee of Rs.1 lakh plus applicable taxes and out of pocket expenses subject to the ratification of the said fees by the members at the ensuing Annual General Meeting pursuant to Section 148 of the Companies Act.

The cost audit report would be filed with the Central Government within prescribed timelines.

28. SECRETARIAL AUDIT REPORT:

The Board of Directors of your Company have appointed A K Jain & Co., Practising Company Secretary, to conduct the Secretarial Audit and his Report on Company's Secretarial Audit is appended to this Report as Annexure V to this Report.

There are no qualifications, reservations or adverse remarks or disclaimers made by A. K. Jain & Co., Company Secretary in practice, in their Secretarial Audit Report.

29. MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT:

The Management's Discussion and Analysis Report for the year under review, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges is annexed to this report.

30. CORPORATE GOVERNANCE:

Your Company is committed to maintaining the highest standards of Corporate Governance and adhering to the corporate governance requirements as set out by Securities and Exchange Board of India. The Report on Corporate Governance as stipulated under Clause 49 of the Listing Agreement forms part of the Annual Report. The Certificate from the Auditors of the Company confirming compliance with the conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement and applicable provisions ofthe Companies Act is also published elsewhere in the Annual Report.

31. AUDIT COMMITTEE OF THE COMPANY:

Your Company's Audit Committee comprises the following 7 (seven) Independent Directors:

1. Mr. Keki B. Dadiseth (Chairman);

2. Mrs. Lalita D. Gupte;

3. Mr. Amit B. Choudhury;

4. Mr. Pranay D. Vakil;

5. Dr. Pritam Singh;

6. Mr. S. Narayan; and

7. Mr. Amitava Mukherjee.

The composition of the Audit Committee is in compliance with the requirements of Section 177 of the Companies Act and amended Clause 49 of the Listing Agreement entered into with the Stock Exchanges.

32. PARTICULARS OF EMPLOYEES:

Disclosures with respect to the remuneration of

Directors and employees as required under Section 197 of the Companies Act and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 has been appended as Annexure VI to this Report. The information required pursuant to Section 197 of the Companies Act read with Rule 5(2)&(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of your Company is available for inspection by the members at registered office of the Company during business hours on working days up to the date of the ensuing Annual General Meeting. If any member is interested in obtaining a copy thereof, such member may write to the Company Secretary, whereupon a copy would be sent.

33. EMPLOYEES STOCK OPTION SCHEMES:

As required in terms of the Securities and Exchange Board of India (Employees Stock Option Scheme and

Employee Stock Purchase Scheme) Guidelines, 1999 and the Securities an Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 to the extent applicable, the disclosure relating to Godrej Properties Limited Employee Stock Option Plan ("GPL ESOP"), Godrej Properties Limited Employee Stock Grant Scheme, 2011 ("GPL ESGS") is appended as Annexure VII (Part I) & (Part II), respectively to this Report.

34. BUSINESS RESPONSIBILITY REPORT:

The Business Responsibility Report for the financial year ended March 31, 2015 as stipulated under Clause 55 of the Listing Agreement is attached as part of the Annual Report.

35. AWARDS & RECOGNITIONS:

Your Directors take pleasure in informing you that your

Company, its people and projects were acknowledged with the following awards and ratings during the financial year ended March 31, 2015:

May Godrej Garden City won 'Most Admired

Campaign/Creative' in the Gold Category at the CEF Asian Consumer Engagement Awards

June Godrej Oasis won 'Most Promising

Upcoming Project of The Year – North India' award at the North India Real Estate Awards

July "GPL ranked 45th Best Company to Work

for in India in the overall category and ranked as the number 1 Best Company to Work for in the real estate and construction sector by The Great Place to Work Institute, India, in partnership with the Economic Times "

Godrej Gold County won 'Luxury Villa Project of the Year – West Bangalore' award at the Bangalore Real Estate Awards 2014

Won Brand Excellence in Real Estate Sector at the Global Brand Excellence

Awards 2014 conducted by the World Brand Congress

Won Most Admired Real Estate Sector Website of the year at the Global Brand Excellence Awards 2014

August Godrej Prakriti – Phase 1, Godrej Frontier, Godrej Gold County, Godrej Garden City – Orchard, Godrej Anandam and Godrej Platinum (Kolkata) have been selected as part of the 'Top 100 Real Estate projects in India' by Realty Plus

Mr. Pirojsha Godrej has been awarded the 'Scroll of Honour' at the Realty Plus Excellence Awards 2014

Godrej Garden City has won the 'Integrated Township of the year' award at the Realty Plus Excellence Awards 2014

Godrej Properties has been selected amongst 'India's Top 5 Most Admired Builders' at the Construction World Architect and Builders (CWAB) Awards 2014

September Mr. Pirojsha Godrej received the 'BEST PEOPLE CEO' award at the National HRD Network (NHRDN) CEO Awards

Godrej Properties received the runner up award for 'Real Estate Company of the Year' at the Construction Week India Awards 2014

Godrej Garden City (GGC) won the runner up award for 'Best Residential Project' at the Construction Week India Awards 2014

Godrej Properties has also been selected amongst 'Mumbai Hot 50' brands by Hindustan Times and Paul Writer

Godrej Properties won Information Week – 'Silver EDGE' 2014 award for automation of financial planning process

November Godrej Properties wins 'Brand Excellence Award' at the Brand Excellence Awards

December Godrej Properties wins Gold statuette at the MarCom Awards for the internal newsletter "Let's Talk"

Godrej Garden City and Godrej Central won Gold Awards at 3rd Asian Consumer Engagement Forum Awards

Godrej Properties Ltd won 'Emerging Developer of the year – Residential' at the 6th Realty Plus Excellence Award 2014

Godrej Properties wins "Most Promising Brand" Award at the World Brands Summit 2014 in Dubai

Godrej E–City won 'Best Residential Project in Bengaluru city under Affordable Segment at the CNBC AWAAZ Real Estate Awards 2014

Godrej Properties has won the Special Award of the "Most Reliable Builder" for 2014 at the CNBC AWAAZ Real Estate Awards 2014

Godrej Garden City has won the Integrated Township of the Year– WEST award at the 7th ESTATE Awards organized by Franchise India in media partnership with ETNOW

"Best in Sector: Indian Real Estate" and "Sector Innovator Award for Landmark Structures" at the Sector Success Awards 2014

January  2015 Godrej Properties was selected as 'Asia's most promising brand' by World Consulting & Research Corporation (WCRC)

Godrej Properties was honoured with 'The Real Estate Honour' at the Johnson Society Interiors Honours 2015

Godrej Properties won 'Luxury Housing Developer of the Year – Western India' award at the Brands Academy Excellence Awards 2015

February 2014–15' Godrej Properties has been recognized as one of the 'TOP 50 Admired Brands of India

"Godrej Properties wins 2 Platinum and 1 Gold at the AVA Digital Awards 2015. The Live Bright video for Godrej Prakriti won Platinum in the category Live video for Web/ Marketing (Product) and the D Code film for the GPL Design Studio video also won Platinum in the category Video Production/ Corporate Image. The 'One Tree Story' video for The Trees marketing campaign won Gold in the category Video production/ Viral video for Company. Godrej Properties was selected amongst multiple entries for GPL Design Studio's effort in co–developing a unique narrative 'design led' storytelling approach and delivering 3 award winning films."

Mr. Pirojsha Godrej has been selected as 'Visionary of India – Young Achiever Extraordinaire' at the Brand Vision India 2020 Summit & Awards supported by FICCI

March 2015" "Mr. Pirojsha Godrej received 'CEO – REAL ESTATE' award in the CEO AWARD

Godrej Properties received 'Innovation Leader in Real Estate' award at the NDTV Property Awards 2014

Godrej Group won 'Corporate Citizen of the Year' Award at the Public Relations Council of India (PRCI) Awards

Godrej Frontier, Godrej Horizon, Godrej BKC, Godrej Platinum – Bangalore and Godrej Prakriti Phase II received "Safety Certificate of Appreciation" at the Construction Industry Development Council (CIDC) Vishwakarma Safety Awards 2015. Godrej BKC was the single highest ranked project amongst  the 18 projects that were considered at the Construction Industry Development Council (CIDC) Vishwakarma Safety Awards 2015

Godrej Properties received a Platinum award for its Online Newsletter –'Infographics' and a Silver award for –'Vibrations' at the Public Relation Council of India (PRCI) Awards

"Godrej Properties Golf Challenge has won 'Innovative Real Estate Marketing Campaign of the Year' award at the Golden Globe Tigers Award 2015."

36. ACKNOWLEDGEMENTS:

Your Directors wish to place on record their appreciation and sincere thanks to the state government, government agencies, banks, financial institutions, joint venture partners, customers, shareholders, fixed deposit holders, vendors and other related organisations, who through their continued support and co–operation, have helped, as partners, in your Company's progress. Your Directors also acknowledge the hard work, dedication and commitment of the employees.

For and on behalf of the Board of Directors  

of Godrej Properties Limited

Adi B. Godrej

Chairman  

(DIN: 00065964)

Place : Mumbai 

Date : April 30, 2015

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