Godrej Properties is reportedly planning to sell some of its office assets to raise around Rs 1500 crore, a significant portion of which would be used to bring down debt. The company’s net debt increased by Rs 270 crore on a sequential basis to Rs 3270 crore in the October-December quarter due to land and approval related cash outflows.
Godrej Properties is a realty firm of Godrej group, promoted by Godrej Industries and Godrej & Boyce Manufacturing Company. It is currently developing residential, commercial and township projects spread across approximately 12.93 million square meters (131 million square feet) in 12 cities.
