+
Godrej Properties to invest above $1 bn in coming years
Real Estate

Godrej Properties to invest above $1 bn in coming years

Pirojsha Godrej, Executive Chairman, Godrej Properties Limited (GPL) told the media that the company aims to invest over $1 billion over the next couple of years to obtain and develop new projects as part of its plan to obtain higher growth.

Addressing shareholders in the company's annual report, he highlighted that Godrej Properties, for the first time, was India's largest developer by the value and volume of sales it accomplished.

The company's sales bookings increased 14% to a record of Rs 6,725 crore last financial year despite the adverse influence of the Covid-19 pandemic, exceeding about Rs 6,000 crore measured by Macrotech Developers (erstwhile Lodha Developers).

The executive chairman highlighted that in March, the company raised Rs 3,750 crore through the Qualified Institutional Placement (QIP) process.

Pirojsha said that the business development in the 2020-21 fiscal year was average, as the company chose a wait-and-watch approach in the first half due to the pandemic.

However, the chairman anticipates FY 2021-22 to be an influential year for business development.

He said that the equity they have raised and the flexibility this provides their balance sheet will enable them to invest more than $1 billion into new projects over the next couple of years.

The investment will enable the company to significantly expedite its growth objectives.

The company expects to see this play a role both in assuring they scale their incomes quickly and also continue to develop the margin profile of their business by developing GPL's economic interest in every project.

To increase its business, GPL acquires land outright from the market and also associates with landowners to add more projects to its portfolio for future development.

Pirojsha said that the company remains committed to two medium-term goals of constantly being among the leading developers by the value of housing sales in each of its focus markets and gaining a Return on Equity (RoE) in excess of 20%.

GPL concentrates majorly on four markets - Mumbai, Pune, Bengaluru and Delhi-NCR. It sold properties of over Rs 1,300 crore in each of the four focus markets past fiscal.

The company anticipates observing a significant uptick in reported earnings from next year, Pirojsha said.

Image Source


Also read: Godrej Properties expects better sales bookings in FY22 as against FY21

Also read: Godrej Properties QIP raises Rs 3,750 cr

Pirojsha Godrej, Executive Chairman, Godrej Properties Limited (GPL) told the media that the company aims to invest over $1 billion over the next couple of years to obtain and develop new projects as part of its plan to obtain higher growth. Addressing shareholders in the company's annual report, he highlighted that Godrej Properties, for the first time, was India's largest developer by the value and volume of sales it accomplished. The company's sales bookings increased 14% to a record of Rs 6,725 crore last financial year despite the adverse influence of the Covid-19 pandemic, exceeding about Rs 6,000 crore measured by Macrotech Developers (erstwhile Lodha Developers). The executive chairman highlighted that in March, the company raised Rs 3,750 crore through the Qualified Institutional Placement (QIP) process. Pirojsha said that the business development in the 2020-21 fiscal year was average, as the company chose a wait-and-watch approach in the first half due to the pandemic. However, the chairman anticipates FY 2021-22 to be an influential year for business development. He said that the equity they have raised and the flexibility this provides their balance sheet will enable them to invest more than $1 billion into new projects over the next couple of years. The investment will enable the company to significantly expedite its growth objectives. The company expects to see this play a role both in assuring they scale their incomes quickly and also continue to develop the margin profile of their business by developing GPL's economic interest in every project. To increase its business, GPL acquires land outright from the market and also associates with landowners to add more projects to its portfolio for future development. Pirojsha said that the company remains committed to two medium-term goals of constantly being among the leading developers by the value of housing sales in each of its focus markets and gaining a Return on Equity (RoE) in excess of 20%. GPL concentrates majorly on four markets - Mumbai, Pune, Bengaluru and Delhi-NCR. It sold properties of over Rs 1,300 crore in each of the four focus markets past fiscal. The company anticipates observing a significant uptick in reported earnings from next year, Pirojsha said. Image Source Also read: Godrej Properties expects better sales bookings in FY22 as against FY21 Also read: Godrej Properties QIP raises Rs 3,750 cr

Next Story
Infrastructure Urban

Naidu Seeks Rs 563 Crore For AP Sports Infrastructure

Andhra Pradesh Chief Minister N Chandrababu Naidu has sought Rs 563 crore from the Centre to boost sports infrastructure in the state, including Rs 538 crore for stadium development and Rs 25 crore to host the Khelo India Martial Arts Games 2025. Naidu made the request during a meeting with Union Youth Services and Sports Minister Mansukh Mandaviya in New Delhi on Wednesday.The CM urged early completion of Khelo India infrastructure projects in Tirupati, Rajahmundry, Kakinada, and Narasaraopeta, and called for an international-standard badminton training centre and a national aquatic sports hu..

Next Story
Infrastructure Transport

Tough Bidding Norms Slow NHAI Road Project Awards

Stringent bidding rules imposed by the Ministry of Road Transport & Highways (MoRTH) have led to a slowdown in project awards by the National Highways Authority of India (NHAI), despite a robust Rs 3.5 trillion pipeline. According to an HDFC Securities report, the shift to more cautious developer models now favours firms with strong balance sheets, as tighter qualification norms limit aggressive bidders.The revised norms mandate additional performance security, targeting the exclusion of players that previously submitted low bids—often 25 to 40 per cent below NHAI cost estimates—raisin..

Next Story
Infrastructure Transport

Mumbai Gets Coastal Nod for Next Promenade Phase

As Mumbai prepares to open two major sections of its expansive seafront promenade this week, the city’s civic authority has secured a key coastal clearance to advance further construction. The Maharashtra Coastal Zone Management Authority (MCZMA) has approved the commencement of work on the segment between Haji Ali and Baroda Palace, with tendering expected soon after project cost assessments.The promenade, stretching 7.5 km in length and 20 metres wide, is being designed as a flagship open space for walkers, joggers, and cyclists. Two critical stretches—2.75 km from Tata Garden to Haji Al..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?