Saya Group clears Rs 1,500 cr loans to reduce debt

New Delhi: Realty firm Saya Group has cleared Rs1,500 core debt from financial institutions and investors in the past five years as part of its efforts to reduce borrowing.

The debt comprised term loans, non-convertible debentures, and guaranteed emergency credit line facilities from leading financial institutions, including IIFL Finance Ltd, YES Bank, and 360 One, the company said in a statement. It did not disclose the current outstanding debt. Saya Group Managing Director Vikas Bhasin said, "Clearing Rs1,500 crore of debt over the last five years reflects our strong financial fundamentals, efficient project execution, and unwavering commitment to our stakeholders."

Last month, Saya Group formed a joint venture to develop a two-acre luxury housing project in Ghaziabad and will invest Rs550 crore on construction of 264 flats. The company has partnered with Harmony Infra to launch an ultra-luxury residential project

'The Horizon Residences' at Indirapuram in Ghaziabad. Saya Group has a portfolio of over 4.99 lakh sq metre of real estate development, including both delivered and under-construction residential and commercial projects.