Godrej Properties’ Bold Rs 30,000 Crore Residential Project Launches
Godrej Properties, a prominent real estate firm, is set to launch residential projects worth Rs 30,000 crore in the current fiscal year across major cities, aiming for a 20 percent growth in sales bookings amid strong demand. Pirojsha Godrej, the company’s Executive Chairperson, revealed in an interview with PTI that they have set a sales bookings target of Rs 27,000 crore for this fiscal year, representing a 20 percent growth from the previous year’s high base.
In the previous fiscal year, Godrej Properties saw a significant increase in sales bookings, registering an 84 percent jump to a record Rs 22,527 crore from Rs 12,232 crore in the preceding year. This marks the highest sales reported by any listed entity for FY’24.
Pirojsha Godrej expressed confidence in the strong housing demand, especially for reputed brands, stating that the momentum in the business was exceptional in 2023-24 across various aspects like launches, sales, collections, business development, deliveries, cash flow, and profits.
Anticipating sustained housing demand in the upcoming years, the company has lined up the launch of multiple projects in key markets such as Delhi-NCR, Mumbai-Metropolitan Region (MMR), Bengaluru, Pune, and Hyderabad. Pirojsha mentioned plans to launch six projects in Delhi, Gurugram, and Noida during this fiscal.
According to an investor presentation, Godrej Properties aims to launch projects spanning 21.9 million square feet in this fiscal year, with an estimated sales booking value of Rs 30,000 crore. Besides launches and sales, the company intends to continue acquiring land parcels for future development and enhancing project deliveries.
Pirojsha highlighted the company’s strategic business development efforts in acquiring land at favorable terms in previous years, enabling the significant scaling up of bookings by 84 percent in 2023-24 to Rs 22,527 crore, making Godrej Properties the largest publicly listed real estate developer in India by sales.
The company’s quarterly financial report for the March quarter showcased its highest-ever profit, with earnings increasing by 14 percent annually to Rs 471.26 crore. For the full fiscal year 2023-24, net profit surged to Rs 725.27 crore from Rs 571.39 crore in the previous year, while total income rose to Rs 4,334.22 crore from Rs 3,039 crore in 2022-23.
In terms of project deliveries, Godrej Properties delivered 12.5 million square feet in the last fiscal year and aims to scale it up to 15 million square feet in 2024-25. As part of the Godrej Industries Group, Godrej Properties remains at the forefront of real estate development in India.
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