In an announcement made by Godrej Properties, the company disclosed its intentions to acquire land parcels through outright purchases and collaborative ventures with landowners, aiming to double its initial projection of Rs 15,000 crores for FY 2022-23. The company has so far added 15 new projects to its portfolio this fiscal year with a total estimated saleable area of 23.42 million square feet and an anticipated total booking value of Rs 27,500 crore.
In an announcement made by Godrej Properties, the company disclosed its intentions to acquire land parcels through outright purchases and collaborative ventures with landowners, surpassing at least Rs 30,000 crore in FY23, double the yearly projection of Rs 15,000 crore.
The company has so far added 15 new projects to its portfolio this fiscal year with a total estimated saleable area of 23.42 million square feet and an anticipated total booking value of Rs 27,500 crore. With an anticipated sales booking of Rs 23,050 crore Godrej Properties introduced 9 new projects in the Delhi-NCR, Mumbai Metropolitan Region (MMR) and Pune in just Q3.
In terms of operations, the company's sales bookings increased 77% year over year to Rs 8,181 crore from Rs 4,613 crore in the prior year's period. Numerous landowners are being discussed by the corporation for joint ventures.
In Q3, sales booking increased more than twofold to Rs 3,252 crore from Rs 1,541 crore in the same quarter last year. Godrej emphasised that the company's sales bookings in Q3 were the greatest of any quarter ever. However, Godrej Properties won't increase its annual sales bookings target. The residential market contributed Rs 8,124 crore to the overall sales bookings from April to December of this fiscal year while commercial properties only made up Rs 57 crore.
In terms of location Godrej Homes sold properties for Rs 2,675 crore in Delhi-NCR, Rs 2,053 crore in the Mumbai Metropolitan Region (MMR), Rs 1,452 crore in Bengaluru and Rs 1,376 crore in Pune. These are the company's four key markets.
Godrej Properties reported a rise in total net profit of 51% to Rs 58.74 crore for Q3. During the prior fiscal year the net profit was Rs 39.02 crore. In the third quarter of this fiscal year the overall revenue decreased to Rs 404.58 crore from Rs 466.91 crore in the equivalent quarter of the previous year.
The company reported a net profit of Rs 159.25 crore between April and December of this fiscal year in comparison to Rs 91.90 crore the same period last year. Its total revenue increased from Rs. 1,063.12 crore to Rs. 1,200.18 crore during this fiscal year's first nine months.
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