Godrej Properties Buys Land for Rs 26,000 cr Projects

New Delhi, May 19 (PTI) Godrej Properties has bought 14 land parcels across major cities to build housing projects with revenue potential of about Rs 26,500 crore in the last fiscal year and will continue to acquire more land to grow its business, its Chairperson Pirojsha Godrej said.

The company bought these land parcels, all outright, in Mumbai Metropolitan Region (MMR), Pune, Delhi-NCR, Bengaluru, Kolkata, Ahmedabad and Indore.

In an interview with PTI, Pirojsha Godrej said, "Last financial year, we added about Rs 26,500 crore worth of new projects, as against the guidance of Rs 20,000 crore. This fiscal, we are again giving guidance of Rs 20,000 crore. Quite likely, we will exceed this by a good margin".

For business development, real estate developers are buying land outright and also partnering with landowners.

Godrej Properties is one of the leading real estate developers in the country. It develops group housing projects mainly in Delhi-NCR, Mumbai Metropolitan Region, Pune, Bengaluru and Hyderabad. It has a presence in some smaller cities for plotted development.

According to its investors' presentation, the company bought 3 land parcels in Gurugram and 2 each in Greater Noida, MMR, Bengaluru and Indore. It purchased one land parcel each in Pune, Ahmedabad and Kolkata.

Godrej Properties is bullish on Delhi-NCR market as the company had bought five land parcels in Gurugram and Greater Noida, which could generate a revenue of Rs 14,000 crore.

On last fiscal, Pirojsha Godrej said, "So, overall, I am very happy with the company's performance in 2024-25, and I think, key is now to maintain this momentum in the current financial year".

He said the company plans to launch housing projects worth Rs 40,000 crore this fiscal year.

In the last fiscal, Pirojsha said, the company had given guidance of launching Rs 30,000 crore worth of projects, but it ended up launching properties valuing Rs 36,600 crore.

Talking about the pre-sales targets for the 2025-26 fiscal, he said, "We have guided for Rs 32,500 crore worth of sales booking value for this fiscal, which is 20 per cent higher than our guidance of last year and 10 per cent higher than the actuals we delivered. Hopefully, if market support again, we can outperform the guidance".

During the 2024-25 fiscal, Godrej Properties sales bookings rose 31 per cent to a record Rs 29,444 crore, from Rs 22,527 crore in the preceding year.

On financial performance, Godrej Properties recently reported that its consolidated net profit rose 93 per cent to Rs 1,399.89 crore during 2024-25, from Rs 725.27 crore in the preceding fiscal.

Its total income grew to Rs 6,967.05 crore last fiscal, compared to Rs 4,334.22 crore in the 2023-24 fiscal.