Godrej Properties, one of the biggest players in India’s real estate sector, said it has purchased six pieces of land in the July-September quarter to develop housing projects with a total projected value of Rs 9,650 crore. This will be part of the company’s bigger expansion strategy as it factors in strong market demand.
Godrej Properties has a significant presence in major markets, such as Delhi-NCR, the Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. Godrej Properties sustains its housing business through outright purchases as well as through joint development with land owners.
Godrej Properties has added eight land parcels during the first half of the fiscal year with an estimated saleable area of around 11 million square feet and a total potential booking value of around Rs 12,650 crore. The six parcels acquired in the second quarter would bring in a good-sized contribution for the company in terms of financial outlook.
In land acquisition terms, the company has already exceeded 63 percent of its annual target for new business development. Godrej Properties Managing Director and CEO Gaurav Pandey said, “Our business development additions of Rs 12,650 crore from April to September will ensure a robust launch pipeline not only for the current year but for years to come.” He spoke of numerous launches along the prestigious Golf Course Road in Gurugram, besides the fact that it had recently forayed into the Indore market.
We have had a deep understanding of the key real estate markets in India,” said Pandey. “We are excited by the prospects that the next few years hold for us to deliver sustained high-quality performance across all key operating metrics.”
Godrej Properties witnessed a growth of 3 percent in sales booking during the second quarter to its highest-ever Q2 booking value of nearly Rs 5,200 crore. Sales booking value for the first half of the fiscal year has thus risen by 89 percent year-on-year and settled at over Rs 13,800 crore for the first time ever for Godrej Properties for this period.
Godrej Properties has been established as India’s biggest listed real estate firm in terms of sales bookings, with an impressive 84 percent increase last fiscal year, touching a high of Rs 22,527 crore compared to Rs 12,232 crore the previous year. For the current financial year 2024-25, the company has set a stiff target of Rs 27,500 crore in sales bookings.
