Godrej Properties Set To Achieve Sales Booking Target Of Rs 14,000 Crore During FY24: Pirojsha Godrej

The firm logged a growth of 48 per cent in its sales bookings, during the second quarter of FY24, which stood at Rs 7,288 crore, up from Rs 4,929 crore reported during the same period a year earlier. 

Realty company Godrej Properties is set to achieve its target to sell properties worth Rs 14,000 crore in the current fiscal year as the firm anticipates strong demand for its ongoing and future housing projects, the executive chairperson, Pirojsha Godrej, said. The real estate wing of the Godrej Group sold properties worth Rs 12,232 crore in the previous fiscal year. 

In conversation with PTI, the Godrej Properties executive stated that the firm is dedicated to launching and timely completing new housing projects across major cities. “We are confident of meeting the annual guidance of Rs 14,000 crore of sales bookings. Hopefully, we can do better, he said when asked about the company's sales performance,” Pirojsha Godrej said. 

The executive noted that the firm logged a growth of 48 per cent in its sales bookings, during the April to September period of the 2023-24 fiscal year, which stood at Rs 7,288 crore, up from Rs 4,929 crore reported during the same period a year earlier. 

Commenting on the outlook for the upcoming period, Pirojsha said, “The company has an aggressive launch pipeline in the second half of this fiscal in four focus markets -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. Delhi-NCR is a big market for us. We are planning to launch housing projects in Noida, Gurugram, and also Ashok Vihar, Delhi during the current and next quarter.”

Amongst the cities, the Delhi-NCR market accounted for Rs 3,186 crore in sales, against the total sales booking of Rs 7,288 crore during the first six months of the ongoing fiscal. The firm’s housing project ‘Godrej Tropical Isle’ in Sector 146, Noida, itself contributed sales worth Rs 2,016 crore. While MMR contributed Rs 1,458 crore towards sales bookings, followed by Bengaluru with a share of Rs 1,239 crore, and Pune at Rs 1,187 crore. 

Elaborating on the delivery progress of projects, the Godrej Properties executive said, “The execution is on track and the company has delivered 6.5 million square feet area in the first half of this fiscal. We are confident of meeting the guidance of 12.5 million square feet of deliveries this fiscal.” Relatively, the firm delivered 10.47 million square feet of area during the previous fiscal year (2022-23). 

Notably, the firm reported a jump of 22 per cent in its consolidated net profit to Rs 66.80 crore for the quarter ended September in FY24, against Rs 54.96 crore logged during the corresponding period a year earlier. The total income of the firm increased to Rs 605.11 crore during Q2FY24, against Rs 369.20 crore on a year-on-year (YoY) basis.