Godrej Properties plans to unveil new residential projects worth INR 21,000 crore across major Indian cities by March 2025, driven by robust consumer demand. The company aims to increase its sales bookings by 20% this fiscal year, targeting INR 27,000 crore in sales. Following an 84% surge in bookings to INR 22,527 crore last year, Godrej focuses on metropolitan areas and tier II cities. The company has already launched INR 9,000 crore worth of projects this year and reported a significant rise in net profit to INR 520.05 crore in Q1.
Godrej Properties is set to launch new residential projects worth INR 21,000 crore by March 2025 across key cities in India. This move is driven by strong consumer demand and aims to boost the company's sales bookings by 20% this fiscal year. Pirojsha Godrej, the executive chairperson of the company, expressed optimism about achieving a targeted sales goal of INR 27,000 crore, following a remarkable performance in the previous fiscal year.
In 2023-24, Godrej Properties recorded an impressive 84% increase in sales bookings, totalling INR 22,527 crore, which is the highest among listed real estate firms in the country. The company is focusing heavily on metropolitan areas such as the Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Pune, and Hyderabad for its new group housing projects. Additionally, it is looking to expand its presence in tier II cities by offering plots for sale, tapping into the growing demand for housing beyond urban centres.
In the first quarter of the current fiscal year, Godrej Properties has already launched projects valued at INR 9,000 crore and has a robust launch pipeline for the remaining quarters. Pirojsha Godrej emphasized that the total area sold reached 8.9 million square feet, marking the highest quarterly booking volume by any developer in India. The value of sales also surged nearly 300% to around INR 8,600 crore during this time.
Despite some initial slowdowns in the first quarter of 2023-24, the company has rebounded strongly, recording sales bookings of INR 8,637 crore-an increase from INR 2,254 crore in the same period last year. This performance not only represents the company's best showing for the June quarter but also ranks as the second-highest quarterly sales in its history. Godrej noted that the real estate market is showing promising signs, with two consecutive record quarters underscoring the robust demand for new homes.
Additionally, Godrej Properties recently reported a significant rise in consolidated net profit, which exceeded four times, reaching INR 520.05 crore in the first quarter of the current financial year. The company's total income grew from INR 1,265.98 crore in the same period last year to INR 1,699.48 crore this year, reflecting its strong operational performance and strategic positioning in a competitive market.
The future looks bright for Godrej Properties as it continues to innovate and expand its portfolio. With plans for more launches and a focus on meeting consumer needs, the company is well-positioned to capitalize on the ongoing demand for housing in urban and suburban areas across India. As the real estate market evolves, consumers and investors alike will be watching closely to see how Godrej Properties navigates these exciting opportunities in the housing sector.
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