Godrej Properties rises after Gurugram project records sales of over Rs 3,000 crore in 3 days

Godrej Properties (GPL) added 3.90% to Rs 2600 after the company announced that it has sold over 1,050 homes worth over Rs 3,000 crore in its project, Godrej Zenith, located in Sector 89, Gurugram.

"This is Godrej Properties' most successful ever launch in terms of the value and volume of sales achieved, the company said in a statement.

Godrej Zenith is GPL's largest residential development in Gurugram. The company has recorded a 473% YoY increase in sales in Gurugram in FY24 and has a strong launch pipeline for FY25 which includes new project launches planned in Sector 103, Sector 43, and Sector 54.

This is the second time in Gurugram, and the fourth time pan India, that GPL has recorded sales of over Rs 2,000 crore during launch in FY24.

The company sold inventory worth approximately Rs 2,690 crore in its project, Godrej Reserve, located in Kandivali, Mumbai in Q4 FY24.

Gaurav Pandey, MD & CEO, Godrej Properties, said: "We are delighted with the response to our project, Godrej Zenith.

Gurugram is an extremely important market for Godrej Properties, and we will look to further strengthen our presence in Gurugram in the years ahead."

Godrej Properties is the real estate arm of the Godrej Group. It is subsidiary of Godrej Industries, which holds 58.48% of the company's equity shares as on 31 December 2023. The company currently operates in various cities and focuses on residential, commercial, and township development.

The real estate developers consolidated net profit increased 6% to Rs 62.27 crore in Q3 FY24 from Rs 58.74 crore posted in Q3 FY23. Revenue from operations jumped 68.39% YoY to Rs 330.44 crore in Q3 FY24.

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