Godrej Properties Expands Presence in Maharashtra with 90-Acre Land Acquisition
Godrej Properties buys land parcel in Raigad to capitalize on growing interest in residential plotted developments near Mumbai.
Godrej PropertiesLand AcquisitionResidential Plotted DevelopmentMaharashtraReal EstateReal EstateAug 12, 2024
The company aims to expand its presence in the region, following the excellent response to its last development, Godrej Hillview Estate. Khalapur is a promising upcoming location, located about 70 kilometers from Mumbai. The land is in proximity to the Mumbai Trans Harbour Link and the Mumbai-Pune Expressway, providing excellent connectivity to Mumbai, Navi Mumbai, and Pune.
Godrej Properties has been buying land in Tier II and Tier III locations for plotted development. Last month, it acquired around 46-acre land parcels in Indore for plotted development. For group housing projects, Godrej Properties mainly focuses on the Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Pune, and Hyderabad.
In the last fiscal, Godrej Properties' sales bookings jumped 84 percent to a record Rs 22,527 crore, the highest among listed realty firms during 2023-24. The company has set a target of achieving sales bookings of Rs 27,000 crore in this fiscal. Already, the sales bookings jumped nearly four times to Rs 8,637 crore in the first quarter of this fiscal, as against Rs 2,254 crore in the year-ago period.
This is the company's highest-ever quarterly sales for the June quarter and its second-highest quarterly sales ever. Recently, Godrej Properties reported a more than four-fold jump in consolidated net profit to Rs 520.05 crore in the first quarter of this fiscal year. The total income grew to Rs 1,699.48 crore during April-June period of the 2024-25 fiscal from Rs 1,265.98 crore in the corresponding period of the previous year.
Information
Godrej Properties is a leading real estate developer in India, with a strong presence in the Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Pune, and Hyderabad. The company has a strong track record of delivering quality projects and has a portfolio of over 150 projects across India.
Godrej Properties is a subsidiary of the Godrej Group, one of India's largest and most respected business conglomerates. The company is known for its commitment to sustainability and innovation in the real estate sector.
Frequently Asked Questions
Where is the 90-acre land parcel located?
The land parcel is located at Khalapur in Raigad, Maharashtra.
What is the estimated development potential of the land parcel?
The land parcel is estimated to have a development potential of around 1.7 million square feet of saleable area.
What is Godrej Properties' target for sales bookings in this fiscal?
The company has set a target of achieving sales bookings of Rs 27,000 crore in this fiscal.
What is the company's highest-ever quarterly sales?
The company's highest-ever quarterly sales is Rs 8,637 crore, achieved in the first quarter of this fiscal.
What is Godrej Properties' consolidated net profit in the first quarter of this fiscal year?
The company's consolidated net profit is Rs 520.05 crore in the first quarter of this fiscal year.
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