Godrej Properties and Macrotech Developers Achieve Record Sales in Q1-Q2 of FY24
The combined sales bookings of Godrej Properties and Macrotech Developers, two leading Mumbai-based realty firms, have reached Rs 22,120 crore during April-September 2024, marking a 56% year-on-year growth. This surge is driven by strong demand for premiu
Godrej PropertiesMacrotech DevelopersReal EstateSales BookingsPremium HomesReal Estate MumbaiOct 06, 2024
Godrej Properties, known for its high-quality real estate projects under the Godrej brand, has achieved sales bookings worth over Rs 13,800 crore in the first six months of FY24. This represents an 89% year-on-year increase from Rs 7,288 crore in the corresponding period of the previous year. The company has set an ambitious target of Rs 27,500 crore in sales bookings for the full fiscal year.
Macrotech Developers, which markets its properties under the 'Lodha' brand, has also seen significant growth. The company reported sales bookings of Rs 8,320 crore, marking a 21% increase from Rs 6,890 crore in the year-ago period. Macrotech Developers aims to achieve sales bookings of Rs 17,500 crore for the full fiscal year.
The housing market in India has shown a strong post-pandemic recovery, driven by pent-up demand and a growing appetite for home ownership. This trend has been particularly evident in the premium and luxury segments, where capital values have appreciated significantly despite price increases. Consumer preference has also shifted towards reputable builders with a proven track record of project execution.
Godrej Properties, one of the leading real estate developers in the country, has a strong presence in major metropolitan regions such as Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. The company has recently expanded its footprint into the Hyderabad market. Macrotech Developers, formerly known as Lodha Developers, operates primarily in MMR, Pune, and Bengaluru.
Godrej Properties' MD and CEO, Gaurav Pandey, expressed his satisfaction with the company's performance, stating, 'We are delighted with the scale-up we have achieved in the past couple of years. The sales bookings of over Rs 13,800 crore in the first half of FY24 surpass our annual bookings in FY23.' This growth is attributed to an improved project mix and strong volume growth.
Macrotech Developers is equally optimistic about the future. The company has already achieved 21% annual pre-sales growth in the first half of the fiscal year and is well on track to meet its guidance of 20% pre-sales growth for the full year, especially with the festive season approaching. Industry experts are also anticipating a flurry of new launches and strong sales during the current festive quarter.
In summary, the real estate sector in India is witnessing a significant upturn, with both Godrej Properties and Macrotech Developers leading the way. Their strong performance in the first half of FY24 is a clear indication of the robust demand for quality housing and the confidence of consumers in the market.
Frequently Asked Questions
What is the combined sales booking value of Godrej Properties and Macrotech Developers for April-September 2024?
The combined sales booking value of Godrej Properties and Macrotech Developers for April-September 2024 is Rs 22,120 crore.
What is the year-on-year growth in sales bookings for Godrej Properties during April-September 2024?
Godrej Properties' sales booking value grew 89% year-on-year to over Rs 13,800 crore during April-September 2024.
What is the sales target set by Godrej Properties for the full fiscal year 2024-25?
Godrej Properties has set a sales target of Rs 27,500 crore for the full fiscal year 2024-25.
How has the housing market in India performed post-pandemic?
The housing market in India has shown strong performance post-pandemic, driven by pent-up demand, rising appetite for home ownership, and economic growth. There has been a particular surge in demand for premium and luxury homes.
What is the sales guidance given by Macrotech Developers for the full fiscal year 2024-25?
Macrotech Developers has given a sales guidance of Rs 17,500 crore for the full fiscal year 2024-25.
Related News Articles
Police Cracks Down on Gangsters: 151 Cases Registered in Recent Raids
The Kerala police have intensified their efforts against gangsters involved in real estate, soil, and gravel quarrying activities, registering 151 cases in recent raids.
Sonam Kapoor: The Glamorous Face of Runwal Properties
Bollywood actress Sonam Kapoor has been appointed as the brand ambassador for Runwal Properties, one of the leading real estate developers in MMR and Pune. Known for her elegance and grace, Sonam Kapoor will bring a new dimension to Runwal's luxury projects.
Abhinandan Lodha's HoABL Enters Mumbai's Vertical Real Estate Market with Rs 3,500 Crore Projects
Abhinandan Lodha's House of Abhinandan Lodha (HoABL) is making a significant move into Mumbai's vertical real estate market with the launch of Rs 3,500 crore projects. This strategic expansion underscores the company's commitment to high-quality developments and its confidence in the city's growth potential.
RBI Rate Cut to Revitalize the Real Estate Market in Bhubaneswar
The Reserve Bank of India (RBI) has announced a repo rate cut, which is expected to significantly boost the real estate sector in Bhubaneswar. This move is likely to lower borrowing costs, making it more attractive for homebuyers and investors.
Vedanta Faced with ₹141.36 Crore GST Penalty for Ineligible ITC Claims, Plans Legal Action
Mumbai-listed Vedanta has been hit with two GST notices totaling ₹141.36 crore for claiming ineligible input tax credit (ITC). The company has expressed its intention to challenge the penalties legally.
Indian Real Estate Sees Unprecedented Growth in Q2 2024 with $2.5 Billion Institutional Investments
The Indian real estate market has witnessed a significant surge in institutional investments, with a total of $2.5 billion in Q2 2024, driven by foreign investments and domestic institutional and retail investor activity.