Godrej Properties to raise upto Rs 3,000cr for expansion

After its Rs 462-crore initial share sale, the real estate developer Godrej Properties today said it plans to raise around Rs 3,000-crore through debt or equity to fund its expansion plans over the next two-three years.

"We plan to raise Rs 2,000-3,000-crore over the next two-three years to fund expansion plans," Godrej Group chairman Adi Godrej told reporters on the sidelines of the company's listing ceremony here today.

The company was looking at various options to raise money, including the qualified institutional placement route, Godrej said, adding the promoters will dilute stake from the current 86 per cent in the event of a QIP.

Godrej Properties is currently undertaking several projects across 10 cities, which are at various stages of development, Godrej said.

Moving ahead, the company expects to become a major player in the affordable housing segment, by offering housing units in the range of Rs 25-30 lakh.

"In the period ahead, we will see affordable housing picking up strongly in the country. We are very committed to play a significant role in this segment," he said.