Godrej Properties web debt rises marginally to Rs 7,572 crore in Q2

Realty agency Godrej Properties’ web debt rose 2 per cent in the course of the September quarter to Rs 7,572 crore with the corporate specializing in land acquisition for future progress.

Its web debt stood at Rs 7,432 crore on the finish of the June quarter, in accordance with an traders’ presentation. Godrej Properties is among the main builders within the nation. It has a serious presence in Delhi-NCR, Mumbai Metropolitan Area (MMR), Pune, and Bengaluru.

Godrej Properties plans to lift as much as Rs 6,000 crore by means of the problem of securities. The board had final month accepted the proposal. The funds can be raised by means of the issuance of securities, together with fairness shares, debentures, desire shares, and/or another eligible securities.

The fundraising could possibly be in a number of tranches by means of public and/or non-public choices, together with certified establishments placement, rights challenge, additional public provide or another mode as could also be permitted below relevant legal guidelines.

Godrej Properties has been actively buying land and likewise partnering with land homeowners to create a pipeline for future growth of tasks. Over the past fiscal 12 months, the corporate’s gross sales bookings jumped 84 per cent to a report Rs 22,527 crore, the very best amongst listed realty companies in 2023-24.

It has set a goal of Rs 27,500 crore value of gross sales bookings for the present monetary 12 months. Already, Godrej Properties’ gross sales bookings have elevated 89 per cent to over Rs 13,800 crore in the course of the April-September interval of this fiscal 12 months.