Godrej Properties (GPL) has won the bid to develop a 6.54-acre group housing project in Kharghar, Navi Mumbai, offering around two million square feet of residential space with an estimated revenue potential of INR 3,500 crore. In the first half of the financial year, GPL saw a 62% rise in collections and over 200% growth in operational cash flow. The company added eight new projects, with a saleable area of 11 million square feet and a booking value potential of INR 12,650 crore.
Godrej Properties (GPL) has successfully emerged as the highest bidder in the competitive e-auction process to develop a large-scale group housing project in Sector 5-A, Kharghar, Navi Mumbai. This prime land, which spans 6.54 acres, was auctioned by the City and Industrial Development Corporation of Maharashtra (CIDCO). Securing this project is a significant win for GPL, enhancing its portfolio in one of Navi Mumbai's fast-developing areas.
The project presents a vast development potential of approximately two million square feet. It will feature a variety of residential apartments, designed to meet diverse buyer needs, ranging from compact to more spacious configurations. The estimated revenue from this development is expected to be around INR 3,500 crore, showcasing the scale and financial viability of the project.
In terms of financial performance, Godrej Properties continues to show strong momentum. In the second quarter of the ongoing financial year, the company achieved a 3% year-on-year growth in booking value, reaching nearly INR 5,200 crore. This was achieved through the sale of over 5.1 million square feet of property. Over the first half of the financial year, GPL's booking value saw an impressive 89% year-on-year growth, surpassing INR 13,800 crore. This performance reflects the growing demand for residential properties in key markets where GPL operates, as well as the company's ability to execute and deliver projects on time.
Gaurav Pandey, the Managing Director and CEO of Godrej Properties, highlighted the company's achievements in a recent statement. He explained that their robust sales performance had a direct impact on the company's collections, which recorded a 62% growth in the first half of the financial year, exceeding INR 7,000 crore. Additionally, operational cash flow increased by more than 200%, reaching over INR 2,800 crore. This surge in operational efficiency and financial returns further solidifies GPL's leadership position in the real estate market.
During the second quarter alone, collections topped INR 4,000 crore, reflecting a remarkable 68% year-on-year growth. This strong cash flow is crucial as it provides the company with the liquidity needed to fund ongoing and future projects. For the first half of the financial year, total collections were over INR 7,000 crore, representing a 62% increase compared to the same period last year. These figures underscore the sustained demand for Godrej's residential offerings and the company's ability to meet market expectations.
Moreover, Godrej Properties has been expanding its footprint aggressively. So far, in the current financial year, the company has added eight new projects to its portfolio. These projects together offer a saleable area of approximately 11 million square feet, reinforcing the company's expansion strategy. The total estimated booking value potential from these projects is around INR 12,650 crore. This addition of new projects aligns with the company's vision of scaling up operations while meeting the evolving needs of homebuyers in different regions.
Godrej Properties continues to strengthen its position as a leader in the real estate sector with strategic project acquisitions and impressive financial growth. The Kharghar development, coupled with robust sales and cash flow performance, highlights the company's ability to capitalise on market opportunities. As GPL expands its project portfolio and maintains strong operational momentum, it is poised for sustained growth in the competitive real estate landscape.
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