Godrej Properties to Launch Rs 21,000 Crore Worth Housing Projects by March
Godrej Properties aims to launch new residential projects across major cities to capitalize on strong consumer demand and achieve 20% growth in sales bookings this fiscal.
Godrej PropertiesHousing ProjectsReal EstateMumbaiDelhincrBengaluruPuneHyderabadReal Estate NewsAug 11, 2024
In an interview, Godrej Properties' executive chairperson Pirojsha Godrej expressed confidence that the company would achieve the targeted sales bookings of Rs 27,000 crore for the current fiscal. In the last fiscal, the company's sales bookings jumped 84% to a record Rs 22,527 crore, the highest among listed realty firms in 2023-24.
The launch pipeline for the remaining three quarters is strong, Pirojsha said. Godrej Properties mainly focuses on MMR, Delhi-NCR, Bengaluru, Pune, and Hyderabad for group housing projects. It sells plots in tier II cities.
The company's sales bookings remained one of the key highlights in the June quarter. Total area sold was 8.9 million square feet, which is the highest quarterly booking volume by any developer in the country. Sales booking value also grew very sharply, almost 300% to around Rs 8,600 crore.
Pirojsha pointed out that sales bookings in the first quarter of 2023-24 were slow, and the company was keen to have a strong start in the current fiscal. Godrej Properties' sales bookings jumped nearly four times to Rs 8,637 crore in the first quarter of this fiscal 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. Demand is looking amazing. We've seen two record quarters in a row, Pirojsha said.
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 2024-25 from Rs 1,265.98 crore in the corresponding period of the previous year.
About Godrej Properties Godrej Properties is a leading real estate developer in India, with a strong presence in MMR, Delhi-NCR, Bengaluru, Pune, and Hyderabad. The company focuses on developing residential, commercial, and township projects.
Godrej Properties is a subsidiary of Godrej Industries Ltd, a leading conglomerate in India. The company has a strong track record of delivering quality projects and has received numerous awards and recognition for its contributions to the real estate industry.
Frequently Asked Questions
What is Godrej Properties' target for sales bookings this fiscal?
Godrej Properties aims to achieve sales bookings of Rs 27,000 crore this fiscal.
What is the value of housing projects that Godrej Properties plans to launch by March?
Godrej Properties plans to launch housing projects worth Rs 21,000 crore by March.
Which cities does Godrej Properties mainly focus on for group housing projects?
Godrej Properties mainly focuses on Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Pune, and Hyderabad for group housing projects.
What is the highest quarterly booking volume achieved by Godrej Properties?
Godrej Properties achieved a total area sold of 8.9 million square feet in the June quarter, which is the highest quarterly booking volume by any developer in the country.
What is the consolidated net profit reported by Godrej Properties in the first quarter of this fiscal year?
Godrej Properties reported a consolidated net profit of Rs 520.05 crore in the first quarter of this fiscal year.
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