Godrej Properties, renowned for its quality and trust, is embarking on an aggressive expansion plan, aiming to launch residential projects worth INR 30,000 crore across major Indian cities this fiscal year. Bolstered by record-breaking sales bookings of INR 22,527 crore in 2023-24, the company solidifies its position as India's largest publicly listed real estate developer. Notable achievements include acquiring a 4-acre land parcel in Bengaluru and entering the Hyderabad market with a 12.5-acre acquisition. With a focus on sustainable construction practices and strategic expansion into key markets, Godrej Properties is poised for continued success.
Godrej Properties, a name synonymous with quality and trust for generations, is embarking on a bold expansion plan. Godrej Properties has announced an aggressive launch plan, aiming to reveal residential projects worth INR 30,000 crore across major Indian cities during the current fiscal year. This ambitious strategy is driven by their exceptional performance in 2023-24, where they achieved sales bookings of a record-breaking INR 22,527 crore. This represents a remarkable 84% increase from the previous year, solidifying Godrej Properties' position as the largest publicly listed real estate developer in India by sales. Looking beyond headline figures, it's important to note that this translates to Godrej Properties having sold over 21.9 million square feet of property in the last fiscal year - enough space to house an estimated population exceeding 100,000.
Wasting no time in 2024, Godrej Properties started the year with a bang. In January, they acquired a 4-acre land parcel in Bengaluru's Yeshwanthpur area, with plans to develop premium residential apartments totaling 0.7 million sq. ft. This project, estimated to generate INR 1,000 crore, reflects their commitment to expanding their presence in a city experiencing high housing demand. Furthermore, Godrej Construction, a sister company within the Godrej Group, showcased its innovative spirit by completing 'The Cocoon' in Khalapur. This 500 sq. ft. office, built using 3D Construction Printing (3DCP) technology and prefabricated modules, demonstrates the group's commitment to sustainable and efficient construction practices.
Godrej Properties' expansion plans extend beyond Bengaluru. In February, they entered the Hyderabad market by acquiring 12.5 acres in Rajendra Nagar. This move allows them to cater to a new pool of discerning homebuyers and is projected to yield a 4 million sq. ft. saleable area with an estimated revenue potential of INR 3,500 crore. Combined with their existing land acquisition plans, Godrej Properties aims to generate around INR 15,000 crore in revenue post-development this fiscal year. Their robust financial performance in Q3 FY 23-24, showcasing a 6% YoY rise in consolidated net profit and a 68.4% surge in revenue, further strengthens their position for growth. While facing temporary challenges in collections and deliveries, Godrej Properties remains optimistic about meeting its sales guidance. Looking at their financial performance, Godrej Properties' net profit also grew significantly, reaching INR 725.27 crore in 2023-24, compared to INR 571.39 crore in the previous year. This strong financial health positions them well to execute their ambitious plans.
Pirojsha Godrej, Executive Chairperson of Godrej Properties, attributes the company's success to the enduring strength of the housing market, particularly for established brands known for quality construction and timely delivery. He remains optimistic about the future, expressing excitement about the momentum in the business. To capitalise on this momentum and cater to a wider range of homebuyers, Godrej Properties has strategically chosen key markets for their expansion plans. These include Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Pune, and Hyderabad. The company plans to launch six new projects in Delhi, Gurugram, and Noida alone during the current fiscal year. This geographically diverse approach ensures Godrej Properties can cater to the needs of homebuyers in various regions with varying budgets and preferences.
Godrej Properties' ambitious launch plans are not built on a whim. The company has strategically focused on land acquisition in previous years, securing prime locations at favourable terms. Pirojsha Godrej credits this foresight as a key factor in their record-breaking sales bookings in 2023-24.
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