Page 11 - Godrej Properties

Godrej eyes Rs 3,000 cr revenue from new luxury housing project in Gurugram

Realty firm Godrej Properties will soon launch a luxury housing project in Gurugram with an estimated revenue potential of around Rs 3,000 crore as it seeks to encash a rise in demand for premium residential properties. The company will develop nearly 750 apartments in a 9.5-acre housing project 'Godrej Aristocrat' located at Sector 49 in Gurugram. The starting price is around Rs 4 crore per unit. According to real estate consultants, Godrej Properties has started seeking expressions of interest (EOI) from potential homebuyers and already received more than 1,200 EOIs. Market sources said the company is expecting to generate revenue of around Rs 3,000 crore from this project. Real estate consultant Anarock Vice Chairman Santhosh Kumar said the Gurugram housing market remains buoyant despite a sharp appreciation in prices. In March, DLF Ltd sold 1,137 luxury apartments, priced Rs 7 crore and above, in its housing project in Gurugram for over Rs 8,000 crore within three days. Proper

Godrej Properties debt up 17% to Rs 6,174 cr to fund land acquisitions

Realty firm Godrej Properties net debt rose 17 per cent in the July-September quarter to Rs 6,174 crore mainly due to fund acquisition of land parcels. According to its investors presentation, the net debt of Mumbai-based Godrej Properties stood at Rs 6,174 crore as on September 30, 2023. Its net debt was Rs 5,298 crore as on June 30, 2023 and Rs 3,649 crore at the end of the last fiscal. Last month, Godrej Properties Executive Chairperson Pirojsha Godrej had said that the net debt has risen because of aggressive land acquisitions done by the company since last April. Most of the land acquisition has been done outright which requires upfront payment, he had said. However, Pirojsha Godrej maintained that the debt position is comfortable as the net debt-equity ratio is 0.65. During the last financial year, Godrej Properties acquired multiple land parcels across various cities to develop housing projects that can generate a revenue of Rs 32,325 crore. In the current fiscal, the comp

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, Mum

Godrej Properties Q2FY24 result: Net profit at Rs 72 cr; revenue up 107%

The revenue from operations for Q2FY24 came in at Rs 343 crore, compared to Rs 165.09 crore year-on-year

MCD slaps Rs 5 lakh penalty on Godrej Properties' arm for violating norms

The Municipal Corporation of Delhi (MCD) has imposed a penalty of Rs 5 lakh on a subsidiary of Godrej Properties for not taking environment safety precautions in construction works at its project site here. In a regulatory filing on Saturday, Godrej Properties informed that its subsidiary Godrej Vestamark LLP on October 16 received an order in this regard under the Delhi Municipal Corporation Act 1957. The violation made by the subsidiary is "non-adherence to the directions contained in the order of NGT dated April 10, 2015 as well as the Ministry of Environment and Forests Guidelines, 2010 in relation to precautions required to be taken while carrying on construction at its project in New Delhi", the filing said. Godrej Properties is one of the leading real estate firms in the country. It has a major presence in Mumbai Metropolitan Region, Delhi-NCR, Pune and Bengaluru.

Realty shares in focus; Prestige, Godrej Properties, DLF rally up to 10%

The S&P BSE Realty index up 3 per cent was the top gainer among sectoral indices on Tuesday.

Godrej Properties opens 'Taj The Trees' hotel at Vikhroli, Mumbai

Godrej Properties on Monday said it has opened 'Taj The Trees' hotel, comprising 155 keys, in Mumbai. The hotel is located at the company's mixed-use project 'The Trees' at Vikhroli. In a regulatory filing, Godrej Properties said the hotel is entirely owned by Godrej Properties and will be managed by the Indian Hotel Companies Ltd (IHCL) as a luxury Taj hotel. Spread across 0.35 million square feet, Taj The Trees offers 151 spacious rooms. Pirojsha Godrej, Executive Chairperson, Godrej Properties, said We are happy to open our first hotel, Taj The Trees, in partnership with the Tata Group. "This collaboration showcasing Godrej Properties' development expertise and IHCL's excellence in hospitality marks a significant milestone in our journey, as we aim to deliver quality and sustainable luxury in a green, connected, and vibrant neighbourhood". Godrej Properties is one of the leading real estate developers in the country. It has a major presence in Delhi-NCR, Mumbai Metropolitan R

Strategies for Godrej stocks as group likely finalises separation terms

Godrej Agrovet, Godrej Industries, Godrej Properties can potentially rally up to 10% from current levels, while Astec Life and Godrej Consumer Products can fall up to 17%, suggest charts.

Godrej Properties acquires 109-acre land in Nagpur to expand business

Realty firm Godrej Properties Ltd on Friday said it has acquired around 109 acre of land parcel in Nagpur to launch residential plots. In a regulatory filing, Godrej Properties informed that the development on this land will comprise primarily plotted residential units and offer an estimated saleable area of 2.2 million square feet. The company did not disclose the deal value and the name of the seller. However, market sources said the deal has been struck at around Rs 200 crore. Godrej Properties MD and CEO Gaurav Pandey said the acquisition of this new land parcel further enhances the company's presence in Nagpur. With the strong revival in housing demand post-COVID pandemic, Godrej Properties has been acquiring land parcels aggressively outrightly and through partnerships with land owners to expand its business. The demand for plots has also gained momentum. Godrej Properties, an arm of business conglomerate Godrej Industries, is one of the leading real estate developers in t

Godrej Properties buys 109-acre land in Nagpur, to launch residential plots

Realty firm Godrej Properties Ltd on Friday said it has acquired around 109 acres of land parcel in Nagpur and will launch residential plots. In a regulatory filing, Godrej Properties informed that the development on this land will comprise primarily plotted residential units and will offer an estimated saleable area of 2.2 million square feet. The company did not disclose the deal value and the name of the seller. Gaurav Pandey, MD and CEO of Godrej Properties said the acquisition of this new land parcel further enhances the company's presence in Nagpur. With the strong revival in housing demand post-Covid pandemic, Godrej Properties has been acquiring land parcels aggressively, outrightly as well as through partnerships with land owners, to expand its business. The demand for plots has also gained momentum. Godrej Properties, an arm of business conglomerate Godrej Industries, is one of the leading real estate developers in the country. It primarily focuses on the Delhi-NCR, Mu

Godrej Properties sells around 670 flats worth over Rs 2K cr in Noida

Realty firm Godrej Properties Ltd on Monday said it has sold about 670 flats worth more than Rs 2000 crore in its new housing project at Noida on strong demands. Godrej Properties purchased the land through an e-auction conducted by the Noida Authority in November last year. In a regulatory filing, Godrej Properties informed that it has "sold 670 homes worth over Rs 2,000 crore in its project, Godrej Tropical Isle, located in Sector 146, Noida." This is Godrej Properties' most successful ever launch in terms of the value and volume of sales achieved, the company said. The project was launched in August. Gaurav Pandey, the MD and CEO of Godrej Properties said, "Noida is an extremely important market for Godrej Properties and we will look to further strengthen our presence in the years ahead." Godrej Properties, an arm of business conglomerate Godrej Industries, is one of the leading real estate developers in the country. It mainly focuses on the Delhi-NCR, Mumbai Metropolitan Regi

Godrej Properties raises Rs 1,160 cr via NCDs on private placement basis

Realty firm Godrej Properties on Wednesday said it has raised Rs 1,160 crore through issue of non-convertible debentures on private placement basis. In a regulatory filing, the company said the allotment committee of the Board of Directors approved the allotment of the Non-Convertible Debentures (NCDs). Godrej Properties said the company has allotted one lakh rated listed unsecured redeemable NCDs of face value of Rs 1,00,000 each, aggregating to Rs 1,000 crore. For these series I NCDs, the maturity date is March 19, 2027 with a coupon rate of 8.3 per cent. Separately, it has allotted 16,000 NCDs of face value of Rs 1 lakh each, aggregating to Rs 160 crore. For these Series II NCDs, the date of maturity is September 20, 2028 and the coupon rate is 8.5 per cent. The interest for all NCDs will be paid annually. In August, the board had made an enabling approval for raising of funds, by issue of NCDs, bonds and/or other debt securities on a private placement basis, in one or more ..

Godrej Properties' Q1 net debt up 45% to Rs 5,298 cr from March-end

Godrej Properties' net debt rose 45 per cent during April-June period of this fiscal to Rs 5,298 crore from the previous quarter on aggressive land purchase across major cities. According to an investor presentation, net debt of Godrej Properties -- the real estate arm of business conglomerate Godrej Group -- stood at Rs 5,298 crore as on June 30, 2023 as against Rs 3,649 crore at March-end. Debt-equity ratio stands at 0.56. Since April last year, Godrej Properties has been aggressive in new business development under which the company is purchasing land outright and also entering into joint development agreements (JDAs) wth land owners to create a pipeline for future development. It focuses on Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru markets. Enthused by strong housing demand, the company acquired 18 land parcels last fiscal year for development of new projects with an estimated sales potential of Rs 32,000 crore. It purchased four new land parcels with an .

Sales weak in Q1; will meet Rs 14k cr target in FY24: Godrej Prop chairman

Realty firm Godrej Properties' sales performance remained muted in April-June, but the company will meet the annual target to sell properties worth Rs 14,000 crore this fiscal as housing demand continues to be strong, its Executive Chairman Pirojsha Godrej said. Its sales bookings fell 11 per cent year-on-year during the first quarter of the 2023-24 fiscal to Rs 2,254 crore. In an interview with PTI, Pirojsha Godrej said: "In terms of sales bookings, April-June was a weak quarter for us. But in deliveries, it was strong as we did nearly 5 million square feet area. Our annual guidance for deliveries is 12.5 million square feet". He exuded confidence in achieving "healthy growth" in sales bookings during the remaining three quarters. Pirojsha said the company would achieve or even better the annual sales guidance of Rs 14,000 crore in 2023-24 against Rs 12,232 crore in the previous fiscal. The company launched very few residential projects during the first quarter of 2023-24 and the

Godrej Properties to invest Rs 155 cr to repair housing project in Gurugram

Realty firm Godrej Properties on Wednesday said its board has approved Rs 155 crore for repair work in its completed housing project 'Godrej Summit' at Gurugram, in Haryana after chloride was found in concretes used in the buildings. Godrej Properties also announced an offer to buy-back flats or provide rentals to all the unit holders of the project. In February last year, a partial collapse of a residential tower in Chintels Paradiso project in Gurugram led to the death of two women. Widespread corrosion of steel reinforcement in structure was found in many towers of this society. In a regulatory filing, Godrej Properties informed that its arm Godrej Projects Development Ltd (GPDL), which completed the Godrej Summit project in phases in 2017 and 2018, recently appointed an external expert to undertake a detailed independent assessment of a quality issue discovered in the project. "This assessment identified the presence of chloride in the concrete used in the project, which when i

Godrej Properties Q1FY24 results: Net profit at Rs 121 cr; revenue up 44%

The total income for Q1FY24 came in at Rs 567.51 crore, compared to Rs 439.29 crore year-on-year

Godrej Properties: Bull Spread Strategy apt for July expiry; here's why

The stock of Godrej Properties saw 1 per cent addition in Open Interest (Prov) on Thursday, July 13, with price rising by 1.40 per cent

Godrej Properties wins Gurugram luxury projects, sees $380 mn in revenue

The deal comes amid a boom for luxury housing in India, with home buyers preferring spacious apartments with amenities like concierge services and spas

Godrej Properties eyes strong growth on robust demand, new launches

The stock has gained 56 per cent over three months on consecutive quarters of high bookings

Godrej Properties to buy land for a luxury residential project in Kolkata

The project will have a developable potential of approximately 9.8 lakh square feet with an estimated revenue potential of nearly Rs 1,200 crore