Godrej Properties on track to achieve sales target of Rs 14,000 crore

Godrej Properties is on track to achieve its sales target of Rs 14,000 crore for the current fiscal year, according to Executive Chairperson Pirojsha Godrej. The real estate company, a part of the Godrej Group, had successfully sold properties amounting to Rs 12,232 crore in the previous fiscal year. Pirojsha Godrej expressed confidence in meeting the annual guidance and hinted at the possibility of surpassing the target.

During the April-September period of the 2023-24 fiscal year, Godrej Properties witnessed a remarkable 48 per cent growth in sales bookings, reaching Rs 7,288 crore compared to Rs 4,929 crore in the same period the previous year. Pirojsha Godrej highlighted the company's focus on launching and timely executing new housing projects across major cities as a key strategy.

The second half of the fiscal year will see an aggressive launch pipeline in key markets such as Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. Godrej emphasized the significance of the Delhi-NCR market and outlined plans to launch housing projects in Noida, Gurugram, and Ashok Vihar, Delhi in the current and next quarter.

Sales bookings in the Delhi-NCR market contributed significantly to the overall performance, accounting for Rs 3,186 crore out of the total Rs 7,288 crore in the first six months of the fiscal year. Notable contributions came from the 'Godrej Tropical Isle' project in Sector 146, Noida, which alone contributed Rs 2,016 crore. MMR, Bengaluru, and Pune also made substantial contributions to the sales bookings, with Rs 1,458 crore, Rs 1,239 crore, and Rs 1,187 crore, respectively.

Godrej Properties remains committed to timely project deliveries, with 6.5 million square feet already executed in the first half of the fiscal year. Pirojsha Godrej expressed confidence in meeting the guidance of 12.5 million square feet of deliveries for the entire fiscal year. In the previous fiscal year, the company had successfully delivered 10.47 million square feet of area.

Financially, the company reported a 22 per cent rise in consolidated net profit to Rs 66.80 crore during the September quarter of the current fiscal year, compared to Rs 54.96 crore in the same period the previous year. Total income also saw a significant increase, rising to Rs 605.11 crore during the July-September period of the current financial year, compared to Rs 369.20 crore in the corresponding period of the previous year. Sales bookings for the second quarter of FY24 more than doubled, reaching Rs 5,034 crore compared to Rs 2,409 crore a year ago.

(With PTI inputs)