Vatika group retires over Rs 1,100 crore debt this fiscal; sells land worth Rs 450 crore

Realty firm Vatika has sold land worth Rs 450 crore and completed properties of about Rs 500 crore to repay its debt.

Gurugram-based Vatika Group and its associated companies have retired debt worth Rs 1,109 crore within a period of 11 months, the company said in a statement.

"The debt has been cleared by selling combinations of lands worth Rs 450 crore, finished inventories worth Rs 500 crore and company's shares worth Rs 170 crore, among others," it added.

Vatika said it has repaid Rs 304 crore to Piramal Enterprises, Rs 108 crore to HDFC Ltd, Rs 519 crore to Indiabulls, Rs 82 crore to ICICI Bank and Rs 74 crore to Standard Chartered Bank.

"Building trust and confidence of investors, business partners and customers is the need of the hour in the realty segment. By retiring our debts, we will fast-pace our efforts to ensure hassle-free completion and delivery of our projects to our trusted end-users within a fixed time period," Vatika Managing Director Gaurav Bhalla said. The company is currently focusing on the completion of its ongoing projects.

It will continue to sell inventories and lands to raise capital for retiring debt and undertaking construction works. Vatika group has a presence in residential, commercial, townships, hotels, education, business centres and facilities management segments