Godrej Properties plans to launch residential projects worth Rs 21,000 crore across significant cities by March to capitalise on strong consumer demand and achieve a 20 per cent growth in sales bookings this fiscal year. With PTI, Godrej’s Executive Chairperson Pirojsha Godrej expressed confidence that the company will meet its sales booking target of Rs 27,000 crore for the current fiscal year.
Godrej Properties achieved a record-breaking 84 per cent increase in sales bookings, reaching Rs 22,527 crore—the highest among listed real estate firms in 2023-24 in the last fiscal year. Regarding the project pipeline, Pirojsha Godrej said, “We are targeting to launch projects worth Rs 30,000 crore this fiscal year. In the first quarter of this fiscal year, we have already started projects totalling almost Rs 9,000 crore. The launch pipeline for the remaining three quarters is strong.”
The company focuses on major markets like the Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Pune, and Hyderabad for group housing projects, while it sells plots in Tier II cities. Regarding the performance in the June quarter, Pirojsha Godrej stated the sales bookings remained one of the key highlights. “Total area sold was 8.9 million square feet, the highest quarterly booking volume by any developer in the country.
He added that sales booking value also grew sharply, almost 300 per cent, to around Rs 8,600 crore,” he said. Pirojsha Godrej noted that sales bookings in the first quarter of 2023-24 were slow, and the company committed to having a strong start in the current fiscal. In the first quarter of this fiscal year, the company’s consolidated net profit increased fourfold to Rs 8,637 crore from Rs 2,254 crore in the same period last year. This was the company’s highest-ever quarterly sales for the June quarter and its second-highest quarterly sales ever. “Demand is looking amazing. We’ve seen two record quarters in a row,” Pirojsha stated.
In the first quarter of the fiscal year, Godrej Properties’ consolidated net profit increased by more than four times to Rs 520.05 crore. The total income also rose to Rs 1,699.48 crore during April-June 2024-25 from Rs 1,265.98 crore in the same period last year.