Now-a-days Godrej group is seeing better demand in the residential projects and it is not going to cut down the prices in its property prices where it is facing a downturn in demand in its consumer long lasting business. Godrej Properties has developed the properties across India in 10 cities and also has raised $100 million as an first public offering (IPO), and the real estate business is the Asia’s third largest economy which has come under the pressure because of the interests rates which is been risen for past several quarters and the sales from the projects is listless.
Adi Godrej Chairman of Godrej Groups also said that “On the whole there is a downturn as the mortgage rates are high and we have been added a lot of projects and the growth in the first half was about 80% but that did not indicate the industry.” The Mumbai based business board has accepted to rise up to 7.50 billion Rupees through the means which also includes a qualified institutional placement, a right issue and a private placement in October.
Godrej has also added that the Godrej Consumer which is another group of business has occupied in consumer durables is also facing a downturn in the demand as the prices had to be raised across the board and it is very hard to uphold the limits in the present environment. Margins have been giving up across the board, Shares of the Godrej consumer has valued by the market at $2.65 Billions and 4% in 2011 so far.
Source: NIMMA BENGALURU
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