Godrej Properties Targets to Raise Rs.700 Cr

Targeting new heights and growth, Godrej Properties now plans to raise a new fund. Under the new fund, the group will raise Rs.700 Cr.

Godrej Properties is the real estate arm of Godrej Group. The real estate arm of Godrej has announced its plans to raise a new fund.

The new fund worth Rs.700 Cr will be mainly used for developing new projects. Some part of the fund will be used for completing the ongoing projects. The fund is proposed to be raised through rights issue.

The plan to raise a new fund was announced by MD and CEO of Godrej Properties Ltd Pirojsha Godrej. He announced the launch of new fund when he was publishing the fourth quarter numbers of the firm.

When asked about the time of the new fund, Pirojsha Godrej said that it would be launched soon. He said that it would be launched most probably in the April-June quarter itself.

Despite the fact that the last year was a year of sluggishness for the real estate market, we could receive good response from the buyers.

This has really made us think of further developments, said MD and CEO of Godrej Properties Ltd. He was answering to the questions related to the possibility of success in raising a fund when the market is dull and sluggish.

He said that the last financial year was a good one for the group. The realty firm wants to continue this.

Right now Godrej Properties is developing around 15 new projects. These projects are being developed in various cities across India. Their main current projects are in Bangalore, Delhi-NCR and Mumbai.

The group plans to launch projects later on in Chennai and Pune. The new fund is meant for completing these projects.

Pirojsha Godrej hopes that the current year will be a good one for realty. He admitted that the last year was a bit sluggish. But this year will see surging demand for housing units, he expressed his hope.

Post a Comment

Your email is never shared. Required fields are marked *