Godrej Properties, a real-estate development arm of Godrej group, is planning to raise up to Rs 1000 crore through issuance of non-convertible debentures(NCDs).

 On 11 May, the company's broad approved the plan an also authorized the committee of directors to determine and approve the quantum timing and terms and conditions of the NCDs, subordinates debentures bonds or other debt securities, the company said in a regulatory filing.

 Separately, the company reported a nearly 36%YoY decline in consolidated net profits at Rs 101 crore for the quarter-end march despite a 5% growth in revenue. Operating profit for the quarter also declined over 19% to Rs 253 crore.

 During the year the company net profit rose 5.5% to Rs 267 crore, while total income declined 12.6% to Rs 2829 crore.

 "While the real estate sector is likely to be significantly impacted for the next few months, we believe there will be continued opportunities for credible developers with a strong brand as the process of consolidation that has been underway in the sector is gathering pace, "said Pirojsha Godrej, Executive chairman.

 "While the start of FY21 may be muted, our strong project pipelines and healthy balance sheet will help maintain sales momentum in FY21".

 During the quarter, the developer added 5 projects with a salable area of around 6.1 million sq ft.

 It witnessed a total booking value of Rs 2383 crore, the total booking volume of 3.61 million sq ft during the period as compared to total booking value of Rs 2161 crore and total booking volume of 3.72 million sq ft a year ago.

 For the full year, it witnessed a booking value of Rs 5915 crore and a total booking volume of 8.80 million sq ft as compared to the total booking value of Rs 5316 crore and total booking volume of 8.76 million sq ft a year ago.