Debt on this realty company has crossed Rs 7500 crore, preparation to raise Rs 6000 crore from the market
realty company Godrej Properties’ net debt increased two per cent to Rs 7,572 crore in the September quarter of the current financial year. The company’s financing has increased with a focus on land acquisition for future development. This information has been given by the company in the results for the quarter July-September, 2024. Its net debt stood at Rs 7,432 crore at the end of the April-June quarter. Godrej Properties is one of the leading developers in the country. It has a major presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru. Godrej Properties plans to raise up to Rs 6,000 crore through the issue of securities. The board had approved this proposal last month.
Company’s sales booking increased by 84 percent
The funds will be raised through issue of securities including equity shares, debentures, preference shares and other eligible securities. The financing may be financed through public and/or private offerings in one or more tranches. Godrej Properties is actively purchasing land and also partnering with land owners to develop future projects. The company’s sales bookings grew 84 per cent to a record Rs 22,527 crore in the last financial year, the highest among realty firms. It has set a target of sales booking of Rs 27,500 crore for the current financial year.
Bought land worth Rs 5,500 crore
Godrej Properties has won the bid to acquire 7.5 acres of land in Gurugram to develop a luxury residential project with a revenue potential of over Rs 5,500 crore. It has emerged as the highest bidder for a luxury group housing plot on Golf Course Road in Gurugram, the company said in a stock exchange filing. Its revenue potential is more than Rs 5,500 crore. Godrej Properties has so far acquired 11 new plots in the current financial year 2024-25. Gaurav Pandey, Managing Director and Chief Executive Officer (CEO) of the company, said, “Our projects have witnessed strong demand in the National Capital Region (NCR) market, which reflects the immense trust reposed in us by our customers. ‘
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