Godrej Properties reduces its net debt
Realty firm Godrej Properties has cut its net debt by around Rs 650 crore during last fiscal on the back of strong sales bookings and also brought down average borrowing cost by one percentage point. The net debt of Mumbai-based real estate developer has come down to Rs 2,846 crore as on March 31, 2018 from Rs 3,499 at the start of the last fiscal. The average borrowing cost stood at 7.8 per cent as on March 31, 2018 as against 8.8 per cent at the end of 2016-17. Net debt-equity ratio has also reduced to 1.27 from 1.75 during the period under review.