Godrej Properties to launch 15 new projects in FY13

Godrej Properties is planning to launch 15 projects including new phases in existing projects in the next one year, said Managing Director & Chief Executive Officer Pirojsha Godrej. This is almost three times the number of projects launched by the company in 2011-12 (April-March) . In 2011-12, Godrej Properties entered into 10 joint development agreements of total 10.5 million sq ft across six cities. Of these seven were concluded on high growth markets of Mumbai, Bangalore, and National Capital Region, while rest were signed with group company Godrej & Boyce for land parcels at Vikhroli in Mumbai, Thane, and Hyderabad. Most of these projects are likely to be launched in the ongoing financial year. "We have a lot of scope to improve operational efficiency. We can launch more projects across the country in the next one year. These new projects will be mostly in 12 cities where we are already present," Godrej said. Apart from these new launches, the Godrej Group's realty arm is also close to concluding a few more development deals soon, he said without elaborating specific details. The company will focus on redevelopment deals in Mumbai and will be launching two such projects signed recently in the current financial year. Recently, the company entered into a joint venture for a redevelopment project at Sahakar Nagar in Chembur suburb of Mumbai. Following the company's recent institutional placement program raising Rs 470 crore, its debt-equity ratio has eased to 1.06 times against over 2 times. The company's net debt stood at Rs 1,500 crore as on March end. The company on Saturday reported 33% year-on-year fall in consolidated net profit at Rs 39.80 crore for the quarter ended March 31. Total income for the quarter rose 7% to Rs 350 crore. Godrej attributed the fall in net profit to rise in minority interest owing to earlier private equity deals. source: http://economictimes.indiatimes.com/markets/real-estate/news-/godrej-properties-to-launch-15-new-projects-in-fy13/articleshow/13009896.cms