Godrej Properties Ltd Executive Chairman, Pirojsha Godrej, expressed optimism about the company’s future growth, aiming for a pre-sales target of Rs 25,000 crore in 2024-25 after achieving record sales bookings of Rs 22,500 crore in the last fiscal year. The company’s strong performance was attributed to higher volumes and the launch of premium housing projects, which led to an 84% increase in sales bookings. This growth has positioned Godrej Properties as a leading real estate developer, surpassing Bengaluru-based Prestige Group in sales bookings for the 2023-24 financial year.
In an interview, Pirojsha Godrej stated that the company is expecting another good financial year, driven by positive consumer sentiments and a strong market. The launch pipeline for the current financial year is stronger than the previous one, indicating potential for continued Godrej Properties sales growth. He also mentioned that the company plans to give sales bookings guidance while announcing the annual financial results for 2023-24.
Godrej Properties, a Mumbai-based real estate developer, has a significant presence in major Indian cities such as Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. The company entered the Hyderabad market last fiscal with the acquisition of two land parcels. Pirojsha Godrej highlighted that sales bookings in the Delhi-NCR market exceeded Rs 10,000 crore in the last fiscal year, and the company plans to launch multiple housing projects in Delhi, Noida, and Gurugram in the current financial year.
Factors driving the Godrej Properties sales growth include a positive market cycle since 2022 and increased consumer confidence. Customers, especially those buying under-construction properties, prefer developers with strong financial capabilities. Godrej Properties’ strategy to expand across major cities and acquire land during the real estate downturn has contributed to its success. The company acquired land parcels at attractive valuations, which has positively impacted its profit margins.
Godrej Properties achieved its best-ever quarterly and annual sales in the fourth quarter of the last fiscal year. Sales bookings grew by 84% year-on-year, reaching 20 million square feet. The company attributed this growth to strong consumer demand and successful new project launches, such as Godrej Zenith in Delhi-NCR and Godrej Reserve in Mumbai Metropolitan Region, which achieved booking values of over Rs 3,000 crore and Rs 2,690 crore, respectively.
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