Godrej Properties Logs All-Time High Sales Booking Of Rs 12,232 Crore In FY23, Up 56% Annually

Sales volumes of Godrej Properties grew 40 per cent to 15.21 million sq ft last fiscal year from 10.84 million sq ft in the previous year. Cash collections for FY23 grew 41 per cent to Rs 8,991 crore

Godrej Properties on Monday said its sales booking jumped 56 per cent last fiscal year to a record high of Rs 12,232 crore on strong demand for residential properties, reported by the PTI. The company, in a regulatory filing, said it achieved its highest ever sales bookings in the fourth quarter as well as the entire 2022-23 financial year. In the fourth quarter, the company clocked sales bookings of Rs 4,051 crore, whereas its sales bookings stood at Rs 7,861 crore in 2021-22.

Pirojsha Godrej, executive chairman of Godrej Properties, said, "The reason we were able to deliver strong growth in FY23 is that we had a strong portfolio of projects across the country. For the first time, we sold over Rs 2,000 crore of real estate in each of our four focus markets of Mumbai, NCR, Bengaluru, and Pune."

Of the total sales bookings last fiscal year, Pirojsha said the housing segment's contribution was 99 per cent. "Our teams on the ground did very well to capitalise on a strong real estate demand environment," he said, while adding the company looks forward to building on this momentum in FY24.

Godrej Properties, the real estate arm of business conglomerate Godrej Industries, is one of the leading real estate developers in the country. It mainly focuses on Delhi-NCR, Mumbai Metropolitan Region, Bengaluru, and Pune for development of residential projects. 

According to the filing, sales volumes grew 40 per cent to 15.21 million square feet last fiscal year from 10.84 million square feet in the previous year. Cash collections for FY23 grew 41 per cent to Rs 8,991 crore. In the fourth quarter, collections stood at Rs 3,822 crore, representing year-on-year growth of 52 per cent.

Godrej Properties also reported its highest ever quarterly and annual project deliveries. "Delivered projects aggregating over 10 million square feet across five cities in FY23, including 7.6 million square feet in Q4," it said.

Gaurav Pandey, MD and CEO, Godrej Properties pointed out that the company's sales bookings were 22 per cent more than the annual guidance. "This sales growth for the year was on the back of both an improving project mix as well as strong volume growth of 40 per cent," he said.

The robust sales performance has translated into record collections growth, backed by strong project completions of over 10 million square feet. "With our business development additions nearly doubling our initial guidance and increasing by over 200 per cent YoY, we will have a stronger launch pipeline in the current year than ever before," Pandey added.