Godrej Properties has reported a 2% rise in net debt for the September quarter, reaching INR 7,572 crore as it intensifies land acquisition efforts to fuel future growth. To support its expansion, the company plans to raise up to INR 6,000 crore through equity and debt securities. With a strong sales performance already in FY24, Godrej Properties achieved INR 13,800 crore in bookings by mid-year, setting its sights on a INR 27,500 crore target. This strategic move underscores Godrej's commitment to strengthening its presence across key Indian markets.
Real estate giant Godrej Properties reported a 2% increase in net debt for the September quarter, reaching INR 7,572 crore, up from INR 7,432 crore in the previous quarter. The rise in debt is largely attributed to the company's focus on acquiring new land parcels and forming partnerships with landowners, as it builds a robust pipeline for future developments across major Indian markets including Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru.
In support of its ambitious growth strategy, Godrej Properties recently announced plans to raise up to INR 6,000 crore through the issuance of securities. The board approved this proposal last month, and funds will be raised via equity shares, debentures, preference shares, or other eligible securities. The capital infusion could occur in multiple stages through public or private offerings, with options like qualified institutional placements, rights issues, or further public offerings being explored, all subject to regulatory guidelines.
Godrej Properties has also shown impressive sales momentum. The company achieved record sales bookings of INR 22,527 crore in the last fiscal year, an 84% jump, positioning it as the fastest-growing listed realty firm in FY2023-24. With a sales target of INR 27,500 crore for the current fiscal year, Godrej Properties is already on track, having achieved over INR 13,800 crore in bookings in the first half of FY24 (April-September), marking a 89% surge in sales.
The company's strong performance underscores its successful expansion strategy and market demand for its projects in key urban centers. By securing land acquisitions and preparing for significant capital raises, Godrej Properties is positioning itself to maintain growth momentum and capitalize on India's resilient real estate market.
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