Godrej Properties to meet Rs 14K-cr sales bookings target: Pirojsha Godrej

Realty firm Godrej Properties will meet its target to sell properties worth Rs 14,000 crore this fiscal year as it expects strong demand for ongoing and upcoming housing projects, its Executive Chairperson Pirojsha Godrej said.

Godrej Properties, the real estate arm of Godrej Group, had sold properties worth Rs 12,232 crore in the previous fiscal.

In an interview with PTI, Pirojsha Godrej said the company is focusing on the launch and timely execution of new housing projects across major cities.

"We are confident of meeting the annual guidance of Rs 14,000 crore of sales bookings. Hopefully, we can do better," he said when asked about the company's sales performance.

The company has achieved 48 per cent growth in its sales bookings to Rs 7,288 crore during the April-September period of 2023-24 fiscal from Rs 4,929 crore in the year-ago period.

Pirojsha noted that the company 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.

"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 said.

Out of the total sales booking of Rs 7,288 crore in the first six months of this fiscal, the Delhi-NCR market contributed sales of Rs 3,186 crore.

Its housing project 'Godrej Tropical Isle' at Sector 146, Noida, alone contributed sales of Rs 2,016 crore.

MMR accounted for Rs 1,458 crore in sales bookings, followed by Bengaluru (Rs 1,239 crore) and Pune (Rs 1,187 crore).

On deliveries of projects, Pirojsha said the execution is on track and the company has delivered 6.5 million square feet area in the first half of this fiscal.

"We are confident of meeting the guidance of 12.5 million square feet of deliveries this fiscal," he said.

During the 2022-23 fiscal, Godrej Properties had delivered 10.47 million square feet of area.

On the financial front, the company has recently reported a 22 per cent rise in its consolidated net profit to Rs 66.80 crore during the September quarter of this fiscal from Rs 54.96 crore in the year-ago period.

Total income rose to Rs 605.11 crore during the July-September period of the current financial year as against Rs 369.20 crore in the corresponding period of the previous year.

Its sales bookings jumped over two-fold to Rs 5,034 crore in the second quarter of FY24 over Rs 2,409 crore a year ago.