Godrej Properties receives AA rating by ICRA

MUMBAI: Godrej Properties, the real estate development arm of the Godrej Group, has received AA rating from ICRA for its bank facilities, the developer said in a release.

The Rating Committee of ICRA upgraded Godrej Properties’ long term rating for the Line of Credit (LOC) from ICRA double A minus {[ICRA]AA-} to ICRA double A {[ICRA]AA} and reaffirmed the short term rating at ICRA A one plus {[ICRA]A1+}. 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 said.

"We are happy to receive this rating upgrade from ICRA. This will allow us to further reduce our cost of capital, improve our returns, and our ability to invest in exciting new opportunities," said Pirojsha Godrej, Managing Director & CEO, Godrej Properties.

The Mumbai-based real estate developer becomes the only real estate company in India in the listed space rated by ICRA to receive this rating, the release added.

Godrej Properties is currently developing residential, commercial and township projects spread across 10.25 million square meters (110.30 million square feet) in 12 cities.