New Delhi: The real estate company Saya Group has eliminated Rs 1,500 crore of debt owed to financial institutions and investors over the past five years as part of its strategy to decrease borrowing. This debt included term loans, non-convertible debentures, and guaranteed emergency credit line facilities from prominent financial institutions such as IIFL Finance Ltd, YES Bank, and 360 One, according to a company statement. The firm did not reveal its current outstanding debt.
Vikas Bhasin, Managing Director of Saya Group, commented, “The repayment of Rs 1,500 crore in debt over the last five years demonstrates our robust financial fundamentals, effective project execution, and steadfast commitment to our stakeholders.” Last month, Saya Group established a joint venture to create a two-acre luxury residential project in Ghaziabad, with plans to invest Rs 550 crore in the construction of 264 flats. The company has collaborated with Harmony Infra to introduce an ultra-luxury residential project named ‘The Horizon Residences’ in Indirapuram, Ghaziabad. Saya Group boasts a portfolio exceeding 4.99 lakh square meters of real estate development, encompassing both completed and ongoing residential and commercial projects.