Godrej Properties sells 5,000+ homes in 3 months
Godrej Properties' Q4 FY24 bookings surged 135% YoY to Rs 9,500 crore, marking the highest quarterly sales by any listed Indian real estate developer.
- Republic Business
- 2 min read
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Godrej's sales surge: Godrej Properties Limited (GPL) has announced its highest ever quarterly and annual sales for Q4FY24 and FY24. In Q4FY24, Godrej Properties recorded a booking value of over Rs 9,500 crore, marking a 135 per cent year-on-year (YoY) growth.
This was primarily driven by the sale of 5,331 homes spanning a total area of over 8 million sq ft. Notably, this quarter witnessed the highest ever quarterly sales reported by any publicly listed real estate developer in India.
Yearly revenue growth
For the entire fiscal year FY24, Godrej Properties continued its trajectory, with bookings surging by 84 per cent to surpass Rs 22,500 crore. This feat was accomplished through the sale of 14,310 homes covering an expansive area of 20 million sq ft.
The annual sales figure not only exceeded the company's initial guidance but also marked the highest ever annual sales reported by any publicly listed real estate developer in India.
A significant highlight of GPL's performance in Q4FY24 was its sales in the Mumbai Metropolitan Region (MMR), where the company recorded sales exceeding Rs 4,000 crore.
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Sales boost factors
The performance can be attributed to several key factors, including a robust consumer demand, strategic project launches, and an improved project mix. Notably, projects like Godrej Zenith in the National Capital Region (NCR) and Godrej Reserve in MMR witnessed major booking values, with the former crossing the Rs 3,000 crore mark.
Gaurav Pandey, MD & CEO of Godrej Properties, expressed his delight at the company's success, highlighting the significant scale-up achieved over the past two years. He attributed the sales growth to an improving project mix and strong volume growth, emphasising the trust and confidence bestowed upon Godrej Properties by its customers and stakeholders.
"We are pleased that this sales growth was on the back of both an improving project mix and strong volume growth of 31%. We’d like to take this opportunity to sincerely thank our customers and all stakeholders for their trust and confidence in Godrej Properties," Pandey stated.
Looking ahead, Godrej Properties remains optimistic about its future prospects, with a launch pipeline for the current year.