Godrej Properties reported its highest ever quarterly and annual booking sales in Q4 and FY24. Booking value in Q4 grew 135% to over INR 9,500 crore while FY24 bookings grew 84% to more than INR 22,500 crore. This was backed by strong demand for new project launches in NCR and Mumbai and an improved product mix. The company surpassed its booking target for FY24 and has gained market share over competitors. With continued growth planned in key markets and expansion to Hyderabad, Godrej Properties is well positioned for further sales growth under the leadership of MD Gaurav Pandey.
Godrej Properties Limited (GPL) announced record quarterly and annual sales in Q4 FY24 and FY24 respectively. Booking value in Q4 FY24 grew 135% to over INR 9,500 crore, while booking value for FY24 grew 84% to more than INR 22,500 crore. GPL achieved 161% of its FY24 booking value guidance with 31% volume growth to 20 million square feet and an improved project mix. Sales volume for Q4FY24 increased 56% to 8.17 million square feet.
Godrej Properties has surpassed the annual sales bookings of Bengaluru-based Prestige Group. Macrotech Developers reported sales of INR 14,520 crore in the previous fiscal, while DLF is yet to announce its numbers. These four builders are in the race for gaining market share by expanding across markets throughout the country.
Sales were driven by strong demand for key new project launches like Godrej Zenith in NCR, which achieved over INR 3,000 crore in bookings, and Godrej Reserve in Mumbai's Kandivali, which achieved INR 2,690 crore. Both were the best ever launches for GPL in their respective markets.
In FY24, 4 projects including Godrej Aristocrat and Godrej Tropical Isle achieved over INR 2,000 crore in bookings. Bookings in NCR grew 180% to over INR 10,000 crore while bookings in MMR grew 114% to INR 6,500 crore.
Gaurav Pandey, MD & CEO of Godrej Properties, said the company is delighted with the scale up achieved in the past two years, with Q4FY24 bookings surpassing annual bookings for FY22. He noted the 84% growth in FY24 bookings to over INR 22,500 crore was backed by improved project mix and 31% volume growth.
Pandey thanked customers and stakeholders for their trust. He added GPL has a strong pipeline for the current year, which will be further strengthened by its recent entry into the Hyderabad market. Godrej Properties had entered the Hyderabad real estate market by acquiring 12.5 acres in Rajendra Nagar with an expected 4 million sq. ft. saleable area focusing on premium residential apartments. The Hyderabad project has an estimated revenue potential of INR 3,500 crore.
In conclusion, with continued growth in key markets like NCR and MMR, along with expansion to new cities like Hyderabad, Godrej Properties is well positioned for further sales growth in the current fiscal year. The company will look to build on this success while delivering value to its customers and stakeholders.
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