Godrej Properties' FY'20 sales bookings up 11% at Rs 5,915cr

Realty firm Godrej Properties on Monday reported an 11 per cent increase in its sales bookings at Rs 5,915 crore during the last fiscal year despite a slowdown in residential real estate.

Out of total sales bookings, the residential segment contributed Rs 5,840 crore, up 14 per cent from the 2018-19 fiscal year.

"Given the uncertainty in economic conditions with the unfolding global response to COVID-19, we believe it prudent to present a Q4 and FY20 operational update.

"Total booking value for FY20 is up 11% YoY (year-on-year) at Rs 5,915 crore with residential sales increasing by 14 per cent YoY to Rs 5,840 crore comprising of over 7,300 homes sold," Godrej Properties said in a regulatory filing.

The company launched 17 new projects and phases in FY 20 including six launches in the fourth quarter.

During the quarter ended March, Godrej Properties sales bookings stood at Rs 2,380 crore, up 10 per cent from the year-ago period.

"The company sold over 3,000 homes in the fourth quarter. The number of homes sold and the value of homes sold were the highest the company has achieved in any quarter.

"The sales in Q4 included over 500 homes sold in the second half of March as the company focused on digital sales tools to sustain operations despite the lockdown," Godrej Properties said.

The company added 10 new projects in FY2020 including five new projects in the fourth quarter.

"While the start of FY21 may be muted as the lockdown and the subsequent economic toll postpone economic activity, Godrej Properties' healthy balance sheet and project pipeline will help maintain operational momentum in the months ahead," the company said.