Godrej Properties Sells Record Rs 28,800cr in 2024

New Delhi, Feb 5 (PTI) Godrej Properties has sold properties worth Rs 28,800 crore during the 2024 calendar year, highest among all listed real estate companies in India, on strong demand for its housing projects across many cities.

Realty major, DLF -- the country's largest real estate firm in terms of market capitalisation -- sold properties worth around Rs 20,650 crore during the last calendar year mainly on high demand for its ultra-luxury housing project 'The Dahlias' in Gurugram where it sold properties in a price range of Rs 55-150 crore per unit.

In an investors presentation, Godrej Properties said, "Highest ever booking value and area sold achieved by any listed real estate developer in a calendar year. Booking value grew 69 per cent to Rs 28,800 crore from sale of 26.38 million square feet of area, a volume growth of 54 per cent."

The company highlighted that the Delhi-NCR market contributed maximum pre-sales in the last calendar year at Rs 9,936 crore followed by Mumbai Metropolitan Region (MMR) Rs 9,177 crore and Bengaluru (Rs 5,303 crore).

Pirojsha Godrej, Executive Chairperson of Godrej Properties, said the company has "delivered a record-breaking calendar year 2024 with its highest ever bookings, collections, operating cashflows, earnings and deliveries."

Among the listed entities, there are many big names, including Prestige Estates Projects Ltd, Macrotech Developers, Signature Global, Brigade Enterprises, Oberoi Realty, Sobha Ltd and Puravankara.

As per the presentation, Godrej Properties launched 30 projects, including a new phase in existing ones, with a sales potential of Rs 34,300 crore in 2024, while it delivered 18 million square feet area.

The company, which is on a land acquisition spree, acquired 16 land parcels last calendar year with an estimated revenue potential of Rs 36,250 crore.

On Tuesday, Godrej Properties reported a more than 2.5-fold jump in its consolidated net profit to Rs 162.64 crore in the December quarter on higher income amid strong housing demand.

Its net profit stood at Rs 62.27 crore in the year-ago period.

Total income also more than doubled to Rs 1,239.97 crore from Rs 548.31 crore in the corresponding period of the preceding year.

Net profit surged to Rs 1,017.90 crore in the April-December period of 2024-25 fiscal from Rs 254.01 crore in the year-ago period.

Total income rose to Rs 4,285.99 crore in the first nine months of this fiscal against Rs 2,419.40 crore in the corresponding period of the preceding year.