Realty firm Godrej Properties’ net debt rose 2 percent in the September quarter to Rs 7,572 crore as the company focused on land acquisitions for future growth.
Its total debt stood at Rs 7,432 crore at the end of the June quarter, according to an investor presentation. Godrej Properties is one of the leading developers in the country. It has a large presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru.
Godrej Properties plans to raise up to Rs 6,000 crore through a bond issue. Last month, the board approved the proposal. Funds will be raised through the issuance of securities, including equity shares, debentures, preferred shares, and/or any other appropriate securities.
Fundraising may be one or more of a public and/or private offering, including placement of qualified institutions, rights issue, additional public offering or any other method that may be permitted under applicable laws.
Godrej Properties has been buying land and also partnering with landowners to build a pipeline of future projects. In the last financial year, the company’s sales registration jumped 84 percent to a record Rs 22,527 crore, the highest among listed real estate companies in 2023-24.
It has set a target of booking sales worth Rs 27,500 crore in the current financial year. Already, Godrej Properties’ sales bookings have increased by 89 percent to over Rs 13,800 crore during the April-September period of this financial year.
