Godrej Properties to Launch Rs 21,000cr Housing Projects by March
Aug 11, 2024 16:16
Godrej Properties plans to launch Rs 21,000 crore worth of housing projects by March 2024, aiming for 20% growth in sales bookings. The company reported strong Q1 results, with a record Rs 8,600 crore in sales bookings.
Illustration: Uttam Ghosh/Rediff.com
New Delhi, Aug 11 (PTI) Godrej Properties aims to launch Rs 21,000 crore worth of residential projects by March across major cities to encash strong consumer demand and achieve 20 per cent growth in sales bookings this fiscal.
In an interview with PTI, the company's executive chairperson Pirojsha Godrej expressed confidence that the company would achieve the targeted sales bookings of Rs 27,000 crore for the current fiscal.
In the last fiscal, the company's sales bookings jumped 84 per cent to a record Rs 22,527 crore, the highest among listed realty firms in 2023-24.
Asked about the launch pipeline, Pirojsha said, "We are targeting to launch projects worth Rs 30,000 crore this fiscal year. We have already launched around Rs 9,000 crore worth of projects in the first quarter of this fiscal."
The launch pipeline for the remaining three quarters is strong, he said.
Godrej Properties mainly focuses on Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Pune and Hyderabad for group housing projects. It sells plots in tier II cities.
Asked about the performance in the June quarter, Pirojsha Godrej said the sales bookings remained one of the key highlights.
"Total area sold was 8.9 million square feet, which is the highest quarterly booking volume by any developer in the country."
Sales booking value also grew very sharply, almost 300 per cent to around Rs 8,600 crore, he said.
Pirojsha pointed out that sales bookings in the first quarter of 2023-24 were slow and the company was keen to have a strong start in the current fiscal.
Godrej Properties' sales bookings jumped nearly four times to Rs 8,637 crore in the first quarter of this fiscal against Rs 2,254 crore in the year-ago period.
This is the company's highest-ever quarterly sales for the June quarter and its second-highest quarterly sales ever.
"Demand is looking amazing. We've seen two record quarters in a row," Pirojsha said.
Recently, Godrej Properties reported a more than four-fold jump in consolidated net profit to Rs 520.05 crore in the first quarter of this fiscal year.
The total income grew to Rs 1,699.48 crore during April-June 2024-25 from Rs 1,265.98 crore in the corresponding period of the previous year.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.