The Godrej group plans to raise debt fund of land acquisition of around Rs 2,000 in the next one year. The overall target to buy the land worth around Rs 5,000 crore in the few next years, said the company official.
‘We raised about Rs 3100 crore of equity earlier this financial year and previous financial year with a clear understanding that it would be fully used to acquire new land opportunities. In addition, we are quite comfortable taking on debt given our attractive borrowing costs,’ Pirojsha Godrej, executive chairman, Godrej Properties livemint reported. The company doesn’t plan to raise fund through equity, he said adding that the additional Rs 2,000 crore would be raised only through debt.
Godrej said in the last two years the company has signed land deals worth around Rs 3000 crore either through outright purchase or in partnership with other developers.
In the financial year 2019-2020, Godrej Properties inked seven new land deals across Mumbai, Bengaluru and the National Capital Region (NCR) spanning over 16.78 million sq ft of space. In the previous financial year alone, the company added 30 million sq ft of new projects to its portfolio.
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