Vatika Group repaid debt Rs 500 crore to NBFCs

Vatika Group repaid debt Rs 500 crore to NBFCs
10/07/2019 , by , in ALLIED

Vatika Group has repaid debt worth Rs 500 crore to non-banking finance companies Housing Development Finance Corporation (HDFC) and Indiabulls Housing Finance. Of the total repayment, the company has repaid HDFC’s debt of over Rs 80 crore, while Indiabulls Housing Finance has received nearly Rs 420 crore for its respective project-level debt exposure. Vatika had raised this debt from HDFC and Indiabulls Housing Finance in a phased manner since 2013.

The debt repayment has been financed through a combination of monetization of its land parcels and commercial assets. In addition to sale of residential apartments at its projects, the company has monetised two of its land parcels, including one spread over 22 acre and the other 15 acre in Gurugram. Vatika has also monetised its commercial assets by availing Lease Rental Discounting (LRD) to raise the funds for this debt repayment. Also read http://realtyplusmag.com/vatika-group-buildings-to-get-solarized/

Apart from selling residential apartments and leasing commercial spaces, the company is looking to monetize more land parcels and availing lease rental discounting. It has leased over 2.1 million sq ft of commercial space and has sold 525 residential units over the past couple of quarters.

 

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