The company has also used sales receivables of Rs 500 crore from finished investiture to pay off debt, a move that the company aims to continue till next few months.
“In total Vatika Group has retired debt worth Rs 1109 crore within 11 months. The company will continue focusing on inventory sales to serve the twin-purpose of clearing debt and raising funds for construction,” Bhalla said.
Some of the major repayments include a repayment of Rs 304 crore to Piramal Enterprises, Rs 108 crore to HDFC Limited, Rs 519 crore to Indiabulls, Rs 82 crore to ICICI Bank and Rs 74 crore to Standard Chartered Bank.
The company has also given exit to Singapore’s sovereign wealth fund GIC by purchasing their share in two residential projects in Gurgaon.
“The biggest land parcel we have sold was 37.18 acre to a local developer and money was used to give exit to Piramal. Similarly there were smaller parcels, which have been sold recently. The idea is to reduce the interest burden and complete the under construction projects,” said a company official.
So far, Vatika Group has delivered over 40 million sq ft of developed space. It has a range of commercial projects spread across prime locations in Delhi NCR, including MG Road, Golf Course Road, Golf Course Extension Road, Sohna Road, NH-8 and Mathura Road.
The group has diversified into residential and commercial projects, townships, hotels, education, and business centres and facilities management.