Godrej Properties adds 15 land parcels to its portfolio

Godrej Properties, has purchased 15 land parcels so far, this fiscal year, with a potential sales value of Rs 275,000 million. It plans to acquire additional land by March in order to construct new projects.

Pirojsha Godrej, Executive Chairman, Godrej Properties, stated in an interview that the company's new business development, which entails the acquisition of land parcels through outright purchases and joint ventures with landowners to build new projects, will exceed Rs 300,000 million in the 2022-23 fiscal year, which is more than double the annual guidance of Rs 150,000 million. "The past quarter has been very positive for us. It has been a very successful quarter operationally. It turned out to be an exceptional quarter for business growth. We achieved Rs 23,000 crore in just the first quarter, in contrast to our annual guidance of Rs 150,000 million for the entire year. "The outcome makes us very happy," he emphasised.

This fiscal year, the company has added 15 new projects, with an estimated total saleable area of 23.42 million square feet and a booking value of Rs 275,000 million. Godrej Properties added nine new projects in Delhi-NCR, Mumbai Metropolitan Region (MMR), and Pune alone in the third quarter, with an anticipated sales booking of Rs 23,050 crore.

Godrej responded, "It's hard to project," when asked if the company would update its business development guidance for the fiscal year 23. For the current quarter, visibility is satisfactory. We are absolutely certain that we will follow our guidance twice. We will have to see how much more there is."

The company has made more outright purchases of land parcels this fiscal year, benefiting from a substantial cash flow. Godrej, on the other hand, stated that the business is also discussing joint developments with a number of landowners. Despite the rise in home loan interest rates and property price appreciation Pirojsha pointed out that there is still a strong demand for housing even in this quarter.