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).