Godrej Properties, the real estate development arm of the Godrej Group, is targeting to sell Rs 2,000 crore worth commercial assets over next 2-3 years in order to reduce its debt. The company’s net debt increased to Rs 2,764 crore as on March 31, 2015 from Rs 2,605 crore at the end of December 2014.
The company also plans to launch 14 projects this fiscal and is exploring opportunities to add more projects for future development. Of the 14 projects, about 7 will be green-field projects and seven will be the new phases in the existing projects.
Godrej Properties is a realty firm of Godrej group, promoted by Godrej Industries and Godrej & Boyce Manufacturing Company. It is one of the leading real estate development companies in India based in Mumbai, Maharashtra.
