Page 12 - Godrej Properties

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

Nifty Realty index at highest level since Feb 22; surges 25% in two months

Motilal Oswal continues to see re-rating potential in companies, which would provide further growth visibility on the back of strong business development through robust cash flows.

DLF, Sobha: Realty index can hit life-time peak if it conquers 484 level

When Nifty Realty index hits a new 52-week high, the next positive rally shall aim at setting a new all-time high

BSE Midcap index hits 52-week high; Astral surges 9% on strong Q4 results

Despite global concerns, the domestic market structure remains positive on the back of healthy macro data, strong earnings, and recent FIIs buying, brokerage firm Motilal Oswal said in a note.

Godrej Properties on land-buying spree; to acquire Rs 15k cr projects

Seeking to encash strong housing demand, realty firm Godrej Properties will acquire multiple land parcels this fiscal having sales revenue potential of around Rs 15,000 crore post-development. Last fiscal, Godrej Properties was very aggressive on land acquisition and added 18 new land parcels with sales potential of Rs 32,000 crore post-development. In an interview with PTI, Godrej Executive Chairman Pirojsha Godrej said the company will continue to add new land parcels for future developments, but it will scale down the pace. Asked about the FY24 guidance for new business development, which means outright land purchase and joint development agreements (JDAs) with landowners, he said, for now it has been set at Rs 15,000 crore in this fiscal. However, Pirojsha said the company would easily achieve higher numbers. On reasons behind setting a lower target for new business development, Pirojsha said, "Last year was an exceptional year. Not necessarily we will have such numbers every

Godrej Properties aims to sell record Rs 14,000 cr in FY24: Pirojsha Godrej

Godrej Properties expects 14 per cent growth in sale bookings this fiscal to a record Rs 14,000 crore on strong housing demand, a top company official said. In an interview with PTI, Godrej Executive Chairman Pirojsha Godrej highlighted that the company's performance in 2022-23 was very strong on all important metrics like sale bookings, cash collections from customers, completion of projects and addition of new land parcels for future developments. He said the sale bookings rose 56 per cent last fiscal to an all-time high of Rs 12,232 crore and almost all were housing properties. Cash collections grew 41 per cent to Rs 8,991 crore last fiscal year, while project deliveries touched a record 10 million square feet, he said. Asked about the targets for current year 2023-24, Pirojsha said: "We have set a target of Rs 14,000 crore worth of sale bookings for now. We will hopefully do better than our annual sales guidance." The cash collection target has been set at Rs 10,000 crore for

Godrej Properties sees 15% rise in FY24 bookings value after Q4 profit jump

The company expects bookings of 140 billion rupees for the current fiscal, higher than the 123.32 billion rupees in fiscal 2023, which beat its own forecast

DLF, Godrej Prop: Realty stks still have room to build gains, say analysts

The pause, even if temporary, in the interest rate cycle is a positive development for the real estate sector and should see an increase in home-buying

Godrej Properties shares zoom 9% after record sales booking in FY23

Shares of Godrej Properties on Monday surged 9 per cent after the company said its sales booking rose 56 per cent last fiscal to an all-time high of Rs 12,232 crore on strong demand for residential properties. The stock jumped 9.06 per cent to finish at Rs 1,227.25 apiece on the BSE. During the day, it rallied 9.81 per cent to Rs 1,235.70. On the NSE, it climbed 8.63 per cent to settle at Rs 1,222.55 per share. In a regulatory filing, Godrej Properties informed that the company achieved its highest-ever sales bookings in the fourth quarter as well as the entire 2022-23 financial year. In the fourth quarter, the company clocked sales bookings of Rs 4,051 crore. Its sales bookings stood at Rs 7,861 crore in 2021-22. When contacted, Godrej Properties Executive Chairman Pirojsha Godrej said: "The reason we were able to deliver strong growth in FY23 is that we had a strong portfolio of projects across the country." "For the first time, we sold over Rs 2,000 crore of real estate in each