Godrej Properties to launch Rs 21,000cr worth housing projects by March

New Delhi: Godrej Properties plans to introduce residential projects worth Rs 21,000 crore by March in key cities to capitalize on high consumer demand and achieve a 20 percent increase in sales bookings this financial year. During an interview with PTI, Pirojsha Godrej, the executive chairperson of the company, stated that he is confident the company will meet its sales target of Rs 27,000 crore for the current fiscal year.

During the previous fiscal year, the company experienced a significant increase in sales bookings by 84 pc, reaching a new record of Rs 22,527 crore, surpassing all listed real estate companies in 2023-24. When questioned about the upcoming projects, Pirojsha mentioned that they are aiming to launch projects worth Rs 30,000 crore in the current fiscal year. In the initial quarter of this fiscal year, we have already started projects totaling around Rs 9,000 crore. He stated that the remaining three quarters have a robust launch pipeline.

Godrej Properties' primary focus is on group housing projects in Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Pune, and Hyderabad. It offers land for sale in second-tier cities. When questioned about the June quarter's performance, Pirojsha Godrej emphasized that sales bookings continued to be a major standout point. The developer sold 8.9 million square feet in total, marking the highest quarterly booking volume in the country.
He mentioned that the sales booking value witnessed a significant increase, almost reaching Rs 8,600 crore, which translates to a growth of nearly 300 per cent.

Pirojsha noted that sales bookings were sluggish in the first quarter of 2023-24 and the company was eager to have a robust beginning in the current fiscal year. Godrej Properties saw a four-fold increase in sales bookings, reaching Rs 8,637 crore in the first quarter of this financial year, up from Rs 2,254 crore in the same period last year.This marks the company's best sales performance in a quarter during June and its second-best quarterly sales ever.

The demand is fantastic. Pirojsha mentioned that we have observed two consecutive quarters with record-breaking  results. In the first quarter of this fiscal year, Godrej Properties announced a consolidated net profit of Rs 520.05 crore, marking a more than four-fold increase. Income rose to Rs 1,699.48 crore in April-June 2024-25 from Rs 1,265.98 crore in the same period last year.