ICRA upgrades Godrej Properties' rating for line of credit

Realty firm Godrej Properties Ltd today said that ICRA has upgraded its long term rating for the company's line of credit.
The company, the real estate development arm of the Godrej Group, said that it has received AA rating from ICRA.
Godrej Properties said in a statement it has become "the only real estate company in India, in the listed space rated by ICRA, to receive this rating."
ICRA has upgraded the long term rating for the line of credit to ICRA double A {[ICRA]AA} from ICRA double A minus {[ICRA]AA-}, the Mumbai-based developer said.
Godrej Properties Managing Director & CEO Pirojsha Godrej said: "This will allow us to further reduce our cost of capital, improve our returns, and our ability to invest in exciting new opportunities."

The rating agency has also reaffirmed the short term rating at ICRA A one plus {[ICRA]A1+} for an enhanced amount of fund based and non-fund bank facilities of Rs 2,000 crore.
The rating committee also reaffirmed the M double A (MAA) rating assigned to the company's deposit programme. This is the second consecutive year that GPL's ratings have been enhanced.
The company is currently developing residential, commercial and township projects spread across 110.3 million sq ft in 12 cities.