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.
Related News Articles
Dharavi Redevelopment Project Now Under Navbharat Mega Developers
Dharavi, Mumbai's iconic slum, is set for a major transformation as the real estate firm behind the redevelopment project has renamed itself Navbharat Mega Developers Private Ltd (NMDPL). The company, known for its ambitious urban renewal projects, is now
Arvind SmartSpaces Ltd Sees Impressive Growth with 49% YoY Increase in Bookings
Arvind SmartSpaces Limited announces its Q1 FY25 financial results, boasting a 49% YoY growth in bookings and a 21% increase in collections.
Understanding Easement Rights in Real Estate Valuation
The Council of Engineers and Valuers (CEV) and CEV IAF RVO have released a helpful video for IBBI Valuation Examination candidates, covering essential legal concepts in property valuation, including easements and ownership structures.
Shri Murlidhar Mohol Launches CREDAI Pune Metro Property Expo 2025
The CREDAI Pune Metro Property Expo 2025, inaugurated by Shri Murlidhar Mohol, will run until 19th January 2025. This exhibition aims to provide a platform for homebuyers and investors to explore a wide range of real estate options.
5 Simple Ways to Invest in the Real Estate Market
Discover the safest investments to safeguard your financial resources and grow your money with these 5 easy ways to invest in the real estate market.
Maharashtra to Solarize 35 Lakh Pumps by 2025 Under PM-KUSUM
Maharashtra is set to revolutionize its agricultural sector by solarizing 35 lakh pumps by 2025 under the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM-KUSUM) scheme. This initiative aims to provide farmers with a reliable and sustainable