Godrej Properties are going to monetize commercial assets of worth Rs 2000 crore
Godrej properties is planning to launch 14 new projects in the current year
India’s leading real estate firm Godrej Properties is going to monetize commercial assets of worth Rs 2000 crore in the period of next two to three years to reduce the debt.
Apart from that now company is also planning to launch the 14 new projects in the current year to explore the more opportunities and more residential as well as commercial projects of the future development, as per the statement of Pirojsha Godrej, CEO and MD of Godrej Properties. The more he added that our debt is increasing and it’s about Rs 2,750 crore at the end of March 2015, but still hopes that by selling commercial properties of worth Rs. 2000 crore in next 2 to 3 years we will reduce the burden of debt.
On March 31, 2015 the net debt of the company was about Rs 2,764 crore however; at the end of December 2014 it was Rs 2,605 crore. Apart from that one of the Mumbai based local real estate developer is construction the large commercial project known as the Godrej BKC at the Mumbai and apart from that two or three more commercial projects are coming up in the city Chandigarh and Kolkata. Godrej said that our proposed launches are the 14 projects hich are in the current fiscal and out of them 7 will be in the Greenfield projects whereas; other seven will be the new phase in other existing projects. But still Godrej has not given any guidance on sales booking for the projects which are set to launch for the year 2015 and 2016.
However; company has achieved the volume of sales booking of Rs 2,681 crore or 3.9 million sq ft area in last fiscal. it has also received the record annual residential sales with the worth of Rs 2,400 crore or 3.6 million sq ft in the year 2014 to 2015. According to the Godrej officials now company is looking for the new projects in current fiscal through the joint venture with different land owners. The more they added that we are exploring the new opportunities in the real estate sector in the city which are present. We are also focusing on the micro markets such as; Delhi/NCR and Noida.In 2014 to 2015 the company has launched the five new projects with the saleable area of 8 million sq ft.
Godrej Properties is the only realty firm of the Godrej Group, which is currently developing commercial projects, residential projects and township projects which are spread on the area of more than 108 million sq ft in more than 12 cities. However; Godrej properties record the 20 per cent rise in the net profit which was Rs 190.90 crore against the Rs 159.43 crore in the previous year, whereas; the total income rose by 54 % which was about Rs 1,926.56 crore for the year 2014 to 2105.
