Godrej Properties sells more than 600 flats for Rs 2,600 cr in Gurugram

Godrej Properties Ltd on Tuesday said it has sold more than 600 flats in its new luxury housing project at Gurugram, Haryana.

In a regulatory filing, the company said it has "sold inventory worth over Rs 2,600 crore in its project Godrej Aristocrat, located in Sector 49 on Golf Course Extension Road, Gurugram. "

The company will develop nearly 750 apartments in this 9.5-acre housing project. The starting price is around Rs 4 crore per unit.

Godrej Properties said this is its most successful launch ever in terms of the value of sales achieved, surpassing the previous best of over Rs 2,000 crore at its project Godrej Tropical Isle in Noida last quarter.

MD & CEO Gaurav Pandey said, "Gurugram is an extremely important market for Godrej Properties. We hope to launch four new projects in Gurugram in 2024..."

Godrej Properties, the real estate arm of Godrej Group, is one of the leading developers in the country.

During April-September 2023-24, Godrej Properties achieved 48 per cent growth in its sales booking to Rs 7,288 crore as against Rs 4,929 crore in the year-ago period.

Out of the total sales booking of Rs 7,288 crore, the Delhi-NCR market contributed Rs 3,186 crore.

Last month, Godrej Properties Executive Chairperson Pirojsha Godrej told PTI that "Delhi-NCR is a big market for us. We are planning to launch housing projects in Noida, Gurugram and also Ashok Vihar, Delhi, during the current and next quarter".

Pirojsha had said that the company was focusing on the launch and timely execution of new housing projects across major cities.

Godrej Properties has an aggressive launch pipeline in the second half of this fiscal in four focus markets -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru.

Pirojsha exuded confidence that the company would meet its target to sell properties worth Rs 14,000 crore this fiscal on strong demand for its ongoing and upcoming housing projects.

Godrej Properties had sold properties worth Rs 12,232 crore in the previous fiscal.

On the financial front, the company recently reported 22 per cent rise in consolidated net profit to Rs 66.80 crore during the September quarter FY24 as against Rs 54.96 crore in the year-ago period.

Total income rose to Rs 605.11 crore during the period as against Rs 369.20 crore in the corresponding period of the previous year.