Godrej Properties receives AA rating by ICRA

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

Godrej Properties Ltd. (GPL) (BSE scrip id: GODREJPRP), the real estate development arm of the Godrej Group, today announced that it has received AA rating from ICRA thus becoming the only real estate company in India, in the listed space rated by ICRA, to receive this rating.

The Rating Committee of ICRA upgraded GPL’s 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.

Mr. Pirojsha Godrej, Managing Director & CEO, Godrej Properties 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.”