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

Realty firm Godrej Properties' net debt rose 2 per cent during the September quarter to Rs 7,572 crore with the company focusing on land acquisition for future growth.

Its net debt stood at Rs 7,432 crore at the end of the June quarter, according to an investors' presentation. 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 last month approved the proposal. The funds would be raised through the issuance of securities, including equity shares, debentures, preference shares, and/or any other eligible securities.

The fundraising could be in one or more tranches through public and/or private offerings, including qualified institutions placement, rights issue, further public offer or any other mode as may be permitted under applicable laws.

Godrej Properties has been actively purchasing land and also partnering with land owners to create a pipeline for future development of projects. During the last fiscal year, the company's sales bookings jumped 84 per cent to a record Rs 22,527 crore, the highest among listed realty firms in 2023-24.

It has set a target of Rs 27,500 crore worth of sales bookings for the current financial year. Already, Godrej Properties' sales bookings have increased 89 per cent to over Rs 13,800 crore during the April-September period of this fiscal year.