Godrej Properties Set to Launch INR 30,000 Crore Worth of New Residential Projects

Godrej Properties, a major player in the realty sector, is gearing up to introduce residential projects valued at Rs 30,000 crore this fiscal year across India's key cities. The company aims to achieve a 20% increase in sales bookings, driven by robust demand. The Executive Chairperson, Pirojsha Godrej, mentioned that the company has set a sales booking target of Rs 27,000 crore for the current fiscal year, marking a substantial growth from the previous year's high base.

Record-Breaking Performance in the Last Fiscal Year Historic Sales Achievements:

In the preceding fiscal year, Godrej Properties experienced an impressive 84% surge in sales bookings, reaching a record Rs 22,527 crore, up from Rs 12,232 crore. This achievement positioned the company as the highest sales performer among all listed entities for FY'24.

Strong Market Demand Continued Optimism for Housing Market:

Pirojsha Godrej expressed his satisfaction with the company’s performance over the past year, which saw excellent results in launches, sales, customer collections, business development, project deliveries, cash flow, and profits. He remains optimistic about the sustained demand for housing in the upcoming years.

Strategic Project Launches Expanding Across Major Urban Centers:

To capitalize on the ongoing demand, Godrej Properties plans to initiate multiple projects across vital markets, including Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Pune, and Hyderabad. Specifically, six projects are slated to be launched in Delhi, Gurugram, and Noida during this fiscal period.

Projection for the Current Fiscal Year Launching and Booking Goals:

According to an investor presentation, Godrej Properties intends to launch a total area of 21.9 million (219 lakh) square feet this fiscal, with the expected sales bookings valued at Rs 30,000 crore.

Continued Growth and Land Acquisitions Land Acquisitions and Project Deliveries:

Pirojsha noted that the company plans to continue acquiring land parcels for future development and will also increase the delivery of projects. The significant business development in previous years has set a strong foundation, allowing the company to scale its bookings significantly in 2023-24 and solidify its status as the largest publicly listed real estate developer in India by sales.

Sectoral Outlook Positive Long-Term Industry Perspective:

The housing sector has demonstrated strength over the past three years, and Godrej remains confident that this positive momentum will persist, buoyed by ongoing sectoral tailwinds. Financial Highlights Record Profits and Revenue Growth: On Friday, Godrej Properties reported its highest-ever quarterly profit, with earnings up 14% annually to Rs 471.26 crore in the March quarter. The company's net profit and total income for the fiscal year 2023-24 also saw significant increases, underscoring a robust financial performance.

Future Targets Upcoming Delivery Milestones:

In the last fiscal year, the company delivered 12.5 million square feet and is aiming to increase this to 15 million square feet in the 2024-25 fiscal year.

Conclusion:

Godrej Properties' aggressive expansion and robust financial performance reflect a strong confidence in the Indian luxury real estate market. The strategic focus on major urban centers aligns with the rising demand for high-quality residential spaces in these areas. Given the company's innovative approach and commitment to quality, it is well-positioned to capitalize on the opportunities within India’s growing real estate sector.