Realty company Godrej Properties is set to achieve its target of selling properties worth Rs 14,000 crore in the current financial year as the firm expects strong demand for its ongoing and future housing projects, executive chairman, Pirojsha Godrej said. . The real estate wing of Godrej Group sold properties worth Rs 12,232 crore in the last financial year.
Speaking to PTI, the Godrej Properties executive said the company is dedicated to launching and timely completing new housing projects in major cities. “We are confident of meeting the annual guidance of sales booking of Rs 14,000 crore. Hopefully, we can do better, he said, when asked about the company’s sales performance, Pirojsha Godrej said.
The executive said the company recorded a 48 per cent growth in its sales bookings during the April to September period of financial year 2023-24, at Rs 7,288 crore, from Rs 4,929 crore recorded during the same period. is more. year ago.
Commenting on the outlook for the upcoming period, Pirojsha said, “The company has an aggressive launch pipeline in the second half of this financial year in four focus markets – Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru. Delhi-NCR is a big market for us. We are planning to launch housing projects in Noida, Gurugram and Ashok Vihar, Delhi during the current and next quarter.
Among cities, the Delhi-NCR market witnessed sales of Rs 3,186 crore during the first six months of the current fiscal against total sales bookings of Rs 7,288 crore. The firm’s housing project ‘Godrej Tropical Isle’ in Sector 146, Noida contributed to sales of Rs 2,016 crore. While MMR contributed Rs 1,458 crore to the sales booking, followed by Bengaluru at Rs 1,239 crore and Pune at Rs 1,187 crore.
Elaborating on the delivery progress of the projects, the Godrej Properties executive said, “The execution is on track and the company has delivered an area of 6.5 million sq ft in the first half of this financial year. We are confident of meeting the guidance of 12.5 million square feet of delivery this financial year. In comparison, the company delivered 10.47 million sq ft of area during the last financial year (2022-23).
Notably, the company reported a 22 per cent rise in its consolidated net profit to Rs 66.80 crore for the quarter ended September in FY24, compared to Rs 54.96 crore during the same period a year ago. The company’s total income increased to Rs 605.11 crore during Q2FY24 from Rs 369.20 crore on a year-on-year (YoY) basis.
Also read: Government-owned IREDA raises Rs 643 crore from anchor investors