Godrej Properties Sales Bookings to Reach Rs 18k Cr, Exceeding FY24 Guidance

By Bricksnwall | 2024-02-12

The Godrej Group's real estate division sold properties for Rs 12,232 crore in 2022–2023 and predicted sales of Rs 14,000 crore for the current fiscal year.

Due to the high demand for its residential projects, Godrej Properties' sale bookings are predicted to surpass the annual guideline by 50% and reach over Rs 18,000 crore this fiscal year.

Executive Chairperson Pirojsha Godrej stated in an interview with PTI that the business hopes to replicate the record of the previous two quarters by selling properties valued at more than Rs 5,000 crore between January and March of this fiscal year.

The Godrej Group's real estate division sold homes for Rs 12,232 crore in 2022–2023 and projected sales of Rs 14,000 crore for the current fiscal year.

"In the first nine months of this fiscal year, we have already surpassed last year's booking total and anticipate exceeding our full-year projection significantly." From a practical perspective,

We are generally pleased with how things are progressing and anticipate a successful conclusion to this fiscal year," said Pirojsha.

"In the past two quarters, we have booked sales of over Rs 5,000 crore. The company has a solid launch pipeline for this quarter, he continued, adding, "We hope to do that again in the fourth quarter."

Godrej Properties' sale bookings increased by 59% to Rs 13,008 crore from April to December of this fiscal year, compared to Rs 8,181 crore during the same period last year, driven by a strong demand for housing.

In the current quarter, the company hopes to sell homes valued at over Rs 5,000 crore, which would bring the total sale bookings for 2023–24 to over Rs 18,000 crore.

We have seen our biggest quarterly revenues in the history of the company for the fourth time in the last five quarters. I believe it to be a positive indicator of the market's general momentum," Pirojsha remarked.

He stated that the last three years had seen a robust housing market and that the real estate cycle would only get stronger in the next years.

In terms of finances, Godrej Properties stated that sales booking increased and that consolidated net profit increased by 11% to Rs 62.72 crore for the December quarter.

In the third quarter of this fiscal year, total income increased to Rs 548.31 crore from Rs 404.58 crore during the same period last year.

One of the top companies in the nation for real estate is Godrej Properties. The Delhi-NCR, Bengaluru, Pune, and Mumbai Metropolitan Region (MMR) are its main locations.

In addition to working directly with landlords to build real estate developments, it purchases land entirely.

Source: Business Standard