Realty firm Godrej Properties has reported a 2% increase in its net debt during the September quarter, reaching Rs 7,572 crore, as the company focuses on land acquisition and future growth strategies. The company’s net debt stood at Rs 7,432 crore at the end of the June quarter, according to an investor presentation.
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One of India’s leading real estate developers, Godrej Properties has a strong presence in key markets, including Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. As part of its expansion plans, the company is actively acquiring land and partnering with landowners to build a strong pipeline for future project developments.
In a bid to support its growth initiatives, Godrej Properties has announced plans to raise up to Rs 6,000 crore through the issuance of securities. The proposal was approved by the board last month, with the funds to be raised through equity shares, debentures, preference shares, or other eligible securities. The company has stated that the fundraising could take place in multiple tranches through public or private offerings, including qualified institutional placements, rights issues, or further public offerings, subject to applicable regulations.
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Godrej Properties has also posted impressive sales performance in recent months. In the last fiscal year, the company’s sales bookings soared by 84% to reach a record Rs 22,527 crore, marking the highest growth among listed realty firms for the year 2023-24. For the current financial year, the company has set a target of Rs 27,500 crore in sales bookings. The company’s sales bookings have already surged by 89%, reaching over Rs 13,800 crore during the first half of FY24 (April-September).
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