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Godrej Properties acquires land for a residential project

In a separate release, Godrej Properties said that ICRA had upgraded its long term borrowing programs.

Godrej Properties has acquired 0.5 acres land parcel from the Karam Chand Thapar (KCT) group to develop a luxury project near Carmichael Road, Mumbai.

The new project will have an estimated booking value potential of approximately Rs 1,200 crore, the company said in a media release.

Varun Thapar, vice chairman and executive director – KCT Group, said, “Indian City Properties Ltd., the real estate arm of the KCT Group, has owned this prime land asset in South Mumbai for nearly seven decades.”

In a separate release, the company said that ICRA had upgraded its long term borrowing programs. Long-term Rating for Rs 2,500 crore bank facilities of Godrej Properties upgraded to [ICRA] AA+(Stable). The short-term rating has been reaffirmed at [ICRA]A1+. Instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.

Rating for Rs 1,000 crore NCD upgraded to [ICRA] AA+(Stable). Rating for Rs 1,500 crore Commercial Paper (CP) of Godrej Properties has been reaffirmed to [ICRA]A1+(Stable).

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