Godrej Properties sale bookings may rise to Rs 18k cr surpassing FY24 guidance: Pirojsha Godrej
Godrej Properties expects its sales to jump by 50 percent this year, surpassing Rs 18,000 crore, driven by strong demand for its homes. Pirojsha Godrej, the company’s Executive Chairperson, mentioned in an interview with PTI that they are optimistic about selling properties worth over Rs 5,000 crore in the January-March period, matching the performance of the last two quarters.
In the last fiscal year, the real estate branch of the Godrej Group sold properties totaling Rs 12,232 crore and projected sales of Rs 14,000 crore for this fiscal year.
“We’ve already exceeded last year’s sales in the first nine months of this fiscal year and anticipate surpassing our full-year target. Overall, we’re pleased with our operational progress and are looking forward to finishing the year strongly,” said Pirojsha.
“We achieved sales of over Rs 5,000 crore in the last two quarters and aim to do the same in the fourth quarter,” he added, noting the company’s strong lineup of launches for this quarter.
Driven by strong housing demand, Godrej Properties’ sales surged by 59 percent from April to December of this fiscal year, reaching Rs 13,008 crore compared to Rs 8,181 crore in the same period last year.
The company aims to sell properties worth more than Rs 5,000 crore in the current quarter, pushing total sales for 2023-24 beyond Rs 18,000 crore.
“In the last five quarters, we’ve achieved our highest-ever quarterly sales four times. It reflects positive momentum in the market,” said Pirojsha.
He mentioned that the housing market has been robust for the past three years and anticipates continued strength in the real estate cycle over the next few years.
Financially, Godrej Properties reported an 11 percent rise in consolidated net profit to Rs 62.72 crore for the December quarter, with sales bookings growing by 76 percent annually to Rs 5,720 crore.
Total income for the third quarter of this fiscal year rose to Rs 548.31 crore from Rs 404.58 crore in the same period last year.
Godrej Properties is a major player in the real estate sector, particularly in Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, and Pune. The company acquires land directly and collaborates with landlords for real estate development projects.
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Source: PunekarNews