Godrej Properties Accelerates Growth Amid Debt Rise: Focus on Expansion

Godrej Properties' net debt increased by 2% in the September quarter as the firm focuses on expanding its land acquisitions. The company aims to raise up to Rs 6,000 crore through various securities to support growth initiatives. Sales bookings have surged significantly this year.

Godrej Properties, a leading real estate developer, has witnessed a 2% rise in its net debt during the September quarter, reaching Rs 7,572 crore. This increase comes as the company intensifies its focus on acquiring land for future projects.

With a significant footprint in major Indian markets such as Delhi-NCR, Mumbai, Pune, and Bengaluru, Godrej Properties plans a substantial fundraising move, looking to gather up to Rs 6,000 crore. The funds will be raised through the issuance of various securities, including equity shares and debentures, in multiple installments and modes as per legal allowances.

In a push for aggressive growth, the company has also reported a marked 89% increase in its sales bookings to over Rs 13,800 crore in the first half of this fiscal year, aiming for a target of Rs 27,500 crore in total sales bookings for the year.

(With inputs from agencies.)