Godrej Properties: Rs 300 billion housing projects to launch in FY?25

08 May 2024 CW Team

The real estate company Godrej Properties intends to introduce residential projects valued at Rs 300 billion this fiscal year in prominent cities such as Delhi, Gurugram and Noida. This initiative aims to attain a 20% increase in sales bookings, in line with the company's projections. Pirojsha Adi Godrej, the CEO of Godrej Properties, stated that they had provided sales booking guidance of Rs 2,700 billion for the current fiscal year, reflecting a 20% growth from the high base in 2023-24. To capitalise on this demand, he mentioned that the company had planned launches for multiple projects across the Delhi-NCR, Mumbai-Metropolitan Region (MMR), Bengaluru, Pune, and Hyderabad markets. In the previous fiscal year, the company saw a significant increase in sales bookings, rising by 84% to a record of Rs 2,252 billion from Rs 1,223 billion in the preceding year. This marks the highest sales reported by any listed entity for FY'24. As per an investor presentation, Godrej Properties intends to launch projects covering 21.9 million square feet of space this fiscal year, with an estimated sales booking value of Rs 3,000 billion. Pirojsha mentioned that, apart from launches and sales, the company planned to persist in acquiring land parcels for future development and enhance project deliveries. He stated that the substantial business development (land acquisition) carried out in previous years under favourable terms enabled it to increase bookings by 84 % to Rs 2,252 billion in 2023?24 and emerge as the largest publicly listed real estate developer in India by sales. Recently, Godrej Properties announced its highest-ever quarterly profit, with earnings increasing by 14% annually to Rs 4.7 billion in the March quarter. This marked an improvement from a net profit of Rs 4.1 billion in the same period last year. Total income for the fourth quarter of FY24 rose to Rs 19.1 billion, up from Rs 18.3 billion in the corresponding period. In the previous fiscal year, the company delivered 12.5 million square feet of area and aims to increase this figure to 15 million sq ft in 2024-25.

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