Godrej Properties has launched On Court, one of India’s largest indoor padel facilities, at its Godrej City Panvel township. The opening coincides with the announcement of a new residential phase featuring Sky Villas.

The facility, developed in partnership with PadelPark India, includes four international-standard indoor courts with terracotta-finish turf surfaces. It is positioned as the largest padel facility in Panvel.

Facility and Event Details

The launch event on August 29, 2026, hosted over 100 guests from business, entertainment, and sports sectors. World No. 1 ranked player Arturo Coello and World No. 2 ranked player Agustín Tapia attended the celebrations.

On Court is situated within the 145-acre mixed-use township, which already features a 9-hole international standard golf course and expansive green spaces. The addition aims to cater to both competitive players and newcomers, leveraging the sport’s recent inclusion as a medal event at the Asian Games.

New Residential Launch

Alongside the sports infrastructure launch, Godrej Properties announced an exclusive new phase at Godrej City Panvel. This phase includes 3 and 4 bed Sky Villas located near the hills, the golf course, and the new padel courts.

Each residence features an expansive deck and access to wellness-themed amenities. The development integrates living spaces with sporting infrastructure to support an active lifestyle.

Management Commentary

Amitesh Shah, CEO of the Mumbai Zone at Godrej Properties, highlighted the global growth of padel and the rising enthusiasm in India. He stated that creating high-quality sporting infrastructure is essential for building a strong ecosystem for the sport.

Uraaz Bahl, Partner at Godrej City Panvel, noted that great communities are built around experiences that encourage connection and activity. He described the partnership with PadelPark India as a reflection of the township’s vision to foster community engagement through sports.

Godrej Properties has secured National Company Law Tribunal approval for a selective capital reduction in its step-down subsidiary, Godrej Redevelopers (Mumbai) Private Limited. The move increases the listed entity’s indirect holding in the real estate developer to 96.81%.

The NCLT Mumbai Bench approved the order on August 25, 2026, cancelling the 47.32% equity stake held by Shubh Properties Coöperatief U.A. without any consideration. This action allows Godrej Projects Development Limited (GPDL), a wholly owned subsidiary of Godrej Properties, to consolidate its control over GRMPL.

Transaction Mechanics

The selective reduction involves extinguishing 26,506 equity shares of ₹10 each held by the minority partner. Upon filing the certified NCLT order with the Registrar of Companies (RoC), GRMPL’s paid-up capital will reduce to ₹2,95,080 (29,508 shares).

Consequently, GPDL’s shareholding will rise from 51% to 96.81%. The company stated it is not directly involved in the reduction but is disclosing the event under Regulation 30 of the SEBI Listing Regulations.

Subsidiary Financial Profile

GRMPL operates exclusively in India within the real estate development sector. Its financial footprint remains minimal:

The subsidiary reported nil turnover for FY25-26 and FY24-25. Its current paid-up equity share capital stands at ₹5,60,140.

What the Numbers Show

The consolidation occurs at zero cost to the group, as the minority stake was extinguished without consideration. With GRMPL reporting nil revenue for the last two fiscal years, the transaction appears aimed at structural consolidation rather than immediate revenue integration. The near-total ownership (96.81%) eliminates minority interest dilution for future projects.