Godrej Properties, a subsidiary of Godrej Industries, is ready to generate fund of about Rs 1,500 crore by selling its commercial properties located in Mumbai, Kolkata and Chandigarh over the next six months. The amount will be utilised to reduce their debt which is now at Rs 3,278 crore.
During December, the real estate developer has sold almost of Rs 40 crore worth property from Bandra-Kurla Complex (BKC) project in Mumbai. The company still has approximately 3 lakh sq. ft. of office space in BKC project and almost 1 million sq. ft. of property in Kolkata and Chandigarh which are total of worth Rs 1,500 crore.
Earlier in September 2015, the firm had raised about Rs 1, 479 crore in selling 4.35 lakhs sq. ft. of office space at BKC in Mumbai which could be the first step to clear their net debt. It has received a record sales booking of around Rs 5,038 crore.
“The company’s sales booking rose by 15 per cent to Rs 693 crore during the October-December period of this fiscal compared with previous quarter despite demonetisation but sales were down 43 per cent from the year-ago period,” says Pirojsha Adi Godrej, CEO, Godrej Properties.
Source: ET Realty