Godrej Prop Q2 sales bookings more than double to Rs 880 cr

The company achieved sales bookings of Rs 333 cr during July -Sept last fiscal

Realty firm Godrej Properties Ltd's sales bookings jumped more than two-fold at Rs 880 crore in the second quarter of the current fiscal despite slowdown in the real estate market.

It had achieved sales bookings of Rs 333 crore in the July -September period of last fiscal, Godrej Properties said in an investors' presentation.

In volume terms, the realty arm of the Godrej group sold 13.97 lakh sq ft in the July-September quarter as against 5.05 lakh tonnes in the year-ago period.

Godrej Properties attributed the rise in sales value and volume to excellent response to the launches of new projects or new phase in existing projects.

Out of total Q2 sales bookings, the company's new project in Gurgaon 'Godrej Aria', launched in September, contributed the maximum at Rs 284 crore.

In this project, it sold over 250 apartments in 3 weeks at an average selling price was Rs 7,000 per sq ft.

Besides Gurgaon project, its another project 'Godrej City' at Panvel contributed Rs 190 crore in sales bookings.

"Sold 300 apartments (about 90% of launched inventory) in 2 days. Total sales of Rs 190 crore achieved at an average price of Rs 5700/per sq ft," the presentation said.

During the first six months of 2014-15, Godrej Properties' sales bookings have gone up by 80% to Rs 1,704 crore as against Rs 944 crore in the year-ago period.

Sales volume rose sharply to 24.89 lakh sq ft during the April-September period of this fiscal from 11.09 lakh sq ft in the same period of last fiscal.

Last week, Godrej Properties reported 36% rise in net profit at Rs 46.6 crore for the quarter ended September. However, its total income dropped by 4% to Rs 306.9 crore during the period under review.

The company's turnover was Rs 1,254 crore in 2013-14.

Its share closed at Rs 254.30 on Friday, down 2.14%, with market cap at Rs 5,069 crore.