Godrej Properties Q1 net debt up 45 percent at Rs 5,298 crore

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Godrej Properties has been aggressive about new business since April last year, under which the company is buying a lot of land and also entering into joint development agreements (JDAs) with land owners.

New Delhi. The net debt of Godrej Properties has increased by 45 percent on a quarter-on-quarter basis to Rs 5,298 crore in the first quarter of the current financial year. This debt on the company has increased due to purchase of land in major cities. The net debt at Godrej Properties, the real estate arm of Godrej Group, stood at Rs 5,298 crore as on June 30, as against Rs 3,649 crore at the end of March, according to a presentation to investors. The debt-equity ratio is 0.56. Godrej Properties has been aggressive about new business since April last year, under which the company is buying a lot of land and also entering into joint development agreements (JDAs) with land owners.

The company’s main focus is on the markets of the National Capital Region – Delhi, Mumbai Metropolitan Region (MMR), Pune and Bengaluru. Buoyed by the huge demand for homes, the company bought 18 plots in the last financial year to develop new projects. The company is expected to generate sales of Rs 32,000 crore from these projects.

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