Page 12 - Godrej Properties

'Godrej Properties to beat FY24 guidance, sale bookings to hit Rs 18k cr'

Godrej Properties' sale bookings are likely to rise 50 per cent annually to over Rs 18,000 crore this fiscal year, beating the annual guidance on strong demand for its residential projects. In an interview with PTI, Executive Chairperson Pirojsha Godrej said the company is hopeful of selling properties of more than Rs 5,000 crore during January-March period of this fiscal year, repeating the performance of the previous two quarters. The real estate arm of Godrej Group had sold properties worth Rs 12,232 crore in 2022-23 and had given sales guidance of Rs 14,000 crore for the current fiscal. "We have crossed last year bookings number already in the first nine months of this fiscal and expect to go well past our full-year guidance. Overall we are happy with what is going from an operational perspective and hoping for a strong end to this fiscal year," said Pirojsha. "We have done Rs 5,000 crore plus sales bookings in the last two quarters. We hope to do that again in the fourth ...

Godrej Properties Q3 results: Profit rises 11% to Rs 63 cr; bookings up 76%

Godrej Properties on Tuesday reported an 11 per cent increase in its consolidated net profit to Rs 62.72 crore in the December quarter, while sales bookings grew 76 per cent annually to Rs 5,720 crore during the period on better housing demand. The realty firm's net profit stood at Rs 56.40 crore in the year-ago period. Total income rose to Rs 548.31 crore in the third quarter of this fiscal year from Rs 404.58 crore in the corresponding period of the previous year, according to a regulatory filing. Godrej Properties said its sales bookings grew by 76 per cent Year-on-Year (YoY) to Rs 5,720 crore in the October-December period. In the first nine months of this fiscal, sales bookings rose 59 per cent YoY to Rs 13,008 crore. "Booking value in the first nine months of 2023-24 was 106 per cent of booking value for the entire FY'23, which was the company's previous best-ever year." Godrej Properties, which is part of business conglomerate Godrej Group, is one of the leading real estate

Jamshyd Godrej resigns as non-executive director of Godrej Properties

Realty firm Godrej Properties on Tuesday said that Jamshyd Godrej has resigned as the non-executive director with effect from January 24, having attained the age of 75 years. The effective date of resignation is January 24. In a regulatory filing, Godrej Properties informed that "Jamshyd Godrej, Non- Executive Non-Independent Director of the company has tendered his resignation from directorship of the company, having attained the age of 75 years, with effect from January 24, 2024". The Board of Directors of the company have taken note of resignation of directorship of Jamshyd Godrej, who is member of the Godrej family. "The Board of Directors places on record its appreciation for the valuable contribution, guidance and support provided by him during his association of over 33 years as the 'Director' of the company," the filing said. He has been serving as the director of the company since April 25, 1990. Mumbai-based Godrej Properties is one of the leading real estate developers

Stocks to Watch on Jan 17: Asian Paints, HDFC Bank, LTTS, Godrej Prop, LTIM

Stocks to watch on Wednesday, January 17, 2024: HDFC Bank reported a 34 per cent jump in its standalone net profit to Rs 16,373 crore for Q3FY24, topping estimates by over 1 percentage point

Godrej Properties buys 4-acre land parcel in North-West Bengaluru

The recent project by Godrej Properties is estimated to have a developable potential of approximately 0.7 million square feet of the saleable area

Slew of launches, robust pipeline to drive growth for Godrej Properties

With inventory levels still declining, and pricing strong, developers are pushing for new launches in 3Q to capitalize on the demand, says Jefferies Research

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 ...

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 ...

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 ..