New Delhi: Real estate firm Godrej Properties on Monday said it has earmarked Rs 138.7 crore to be utilized in land acquisition, construction of projects and loan repayment during this fiscal.
In a filing to the Bombay Stock Exchange (BSE), the Godrej group firm said while Rs 75 crore will be utilized in acquiring land, Rs 12.70 crore will be spent on construction of its forthcoming projects. The balance Rs 51 crore will be utilized on repayment of loans.
The company also said it is in advanced stages of several new joint venture projects and has already lined up new projects to be launched in Mumbai, Bangalore, Hyderabad, Chennai and Kochi during the year.
“We are in advanced discussions for several new joint venture projects and are planning new launches in Mumbai, Bangalore, Hyderabad, Chennai and Kochi,” Godrej Group chairman Adi Godrej said at the company’s annual general meeting.
During the year, the company has also entered into the National Capital Region (NCR) through a resident joint venture project for 1 million square feet in Gurgaon.
“This year also saw extremely strong progress in attracting new customers with Godrej Properties selling 3.2 million square feet sold in the previous year,” he said.
Apart from the NCR, the company has also launched projects in Chennai and Mangalore and increased its area under construction. Besides, it has signed up three new joint venture projects in Mumbai and Hyderabad.
“We have also launched our first project in Vikhroli, 2.8 million square feet mixed use development named ‘The Tress´ that will house the headquarters for many Godrej Group companies and will also have residential, retail, office and hospitality spaces,” Godrej said.
Shares of Godrej Properties closed at Rs 435.80 on the BSE, up 3.11% from the previous close.