"Godrej Properties to Launch ₹21,000 Crore Housing Projects by March"

Godrej Properties plans to launch residential projects worth ₹21,000 crore across major cities by March, aiming to capitalize on strong consumer demand and achieve a 20% growth in sales bookings for the current fiscal year.

In a recent interview with PTI, Executive Chairperson Pirojsha Godrej expressed confidence that the company would meet its target sales bookings of ₹27,000 crore for the fiscal year. Last fiscal year, Godrej Properties reported a record 84% increase in sales bookings, reaching ₹22,527 crore, the highest among listed realty firms for 2023-24.

“We are targeting to launch projects worth ₹30,000 crore this fiscal year,” Pirojsha said. “We have already launched approximately ₹9,000 crore worth of projects in the first quarter.” The company’s pipeline for the remaining three quarters is described as strong.

Godrej Properties focuses primarily on the Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Pune, and Hyderabad for group housing projects, and sells plots in tier II cities.

In the June quarter, the company saw significant performance highlights, with sales bookings reaching 8.9 million square feet—the highest quarterly volume recorded by any developer in the country. The value of sales bookings surged nearly 300% to around ₹8,600 crore.

Pirojsha Godrej noted that the first quarter of 2023-24 had seen slower sales, but the company was eager for a strong start to the current fiscal year. Sales bookings nearly quadrupled to ₹8,637 crore in the first quarter of this fiscal year compared to ₹2,254 crore in the same period last year, marking the highest-ever quarterly sales for Godrej Properties.

"Demand is looking amazing. We've seen two record quarters in a row," Pirojsha remarked.

The company's consolidated net profit for the first quarter of this fiscal year surged more than four-fold to ₹520.05 crore. Total income also grew to ₹1,699.48 crore for April-June 2024-25, up from ₹1,265.98 crore in the same period the previous year.

BS