Godrej Properties to Launch Luxury Project in Gurugram

New Delhi, Dec 12 (PTI) Realty firm Godrej Properties will soon launch a luxury housing project in Gurugram with an estimated revenue potential of around Rs 3,000 crore as it seeks to encash a rise in demand for premium residential properties.

The company will develop nearly 750 apartments in a 9.5-acre housing project 'Godrej Aristocrat' located at Sector 49 in Gurugram. The starting price is around Rs 4 crore per unit.

According to real estate consultants, Godrej Properties has started seeking expressions of interest (EOI) from potential homebuyers and already received more than 1,200 EOIs.

Market sources said the company is expecting to generate revenue of around Rs 3,000 crore from this project.

Real estate consultant Anarock Vice Chairman Santhosh Kumar said the Gurugram housing market remains buoyant despite a sharp appreciation in prices. In March, DLF Ltd sold 1,137 luxury apartments, priced Rs 7 crore and above, in its housing project in Gurugram for over Rs 8,000 crore within three days.

Property brokerage firm RISE Infraventures Ltd co-founder Sachin Gawri said, "Housing demand in Gurugram is good, especially from end-users. Prices have risen sharply in the city, so investors have become a little cautious".

During the April-September period of 2023-24, Godrej Properties has achieved 48 per cent growth in its sales bookings to Rs 7,288 crore from Rs 4,929 crore in the year-ago period.

Out of the total sales booking of Rs 7,288 crore in the first six months of this fiscal, the Delhi-NCR market contributed sales of Rs 3,186 crore.

Its housing project 'Godrej Tropical Isle' at Sector 146, Noida, alone contributed sales of Rs 2,016 crore.

Last month, Godrej Properties Executive Chairperson Pirojsha Godrej told PTI that "Delhi-NCR is a big market for us. We are planning to launch housing projects in Noida, Gurugram and also Ashok Vihar, Delhi, during the current and next quarter".

Pirojsha Godrej had said that the company was focusing on the launch and timely execution of new housing projects across major cities.

Godrej Properties has an aggressive launch pipeline in the second half of this fiscal in four focus markets -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru.

Pirojsha has expressed confidence that the company would meet its target to sell properties worth Rs 14,000 crore this fiscal on strong demand for its ongoing and upcoming housing projects.

Godrej Properties, the real estate arm of Godrej Group, had sold properties worth Rs 12,232 crore in the previous fiscal.

On the financial front, the company has recently reported a 22 per cent rise in its consolidated net profit to Rs 66.80 crore during the September quarter of this fiscal from Rs 54.96 crore in the year-ago period.

Its total income rose to Rs 605.11 crore during the July-September period of the current financial year against Rs 369.20 crore in the corresponding period of the previous year.