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Godrej Properties increased its investment in construction and related activities by 54 per cent year-on-year to INR 2,244 crore in the first quarter of the current fiscal, as the company steps up execution across its ongoing projects. The developer delivered 0.9 million square feet during the quarter and is targeting 13.5 million square feet of deliveries in the current fiscal. Despite a decline in quarterly profit and income, the company recorded a 22 per cent rise in sales bookings to INR 8,651 crore. It expects sales momentum to remain strong, supported by end-user demand across key markets.
Godrej Properties' investment in construction and related activities increased 54 per cent annually to INR 2,244 crore in the first quarter of the current fiscal as the company accelerated execution across its ongoing projects.
The company's construction-related outflow stood at INR 1,458 crore in the corresponding quarter of the previous fiscal. Godrej Properties said the higher spending was driven by the faster pace of execution and is expected to support deliveries in the 2027-28 fiscal.
The company delivered 0.9 million square feet during the quarter. In the previous fiscal, Godrej Properties delivered 12.1 million square feet and has set a target of 13.5 million square feet for the current fiscal.
Godrej Properties had reported a 42 per cent decline in consolidated net profit to INR 349.38 crore for the June quarter, compared with INR 598.40 crore in the year-ago period. Total income also declined to INR 1,345.04 crore from INR 1,620.34 crore.
On the operational side, sales bookings increased 22 per cent to INR 8,651 crore during the April-June quarter. The company sold 3,738 units covering a total area of 6.2 million square feet during the period.
Pirojsha Godrej, Executive Chairperson of Godrej Properties, said the company recorded a strong quarter across bookings, collections, business development and earnings. He added that the company expects sales momentum to continue through the rest of the year, supported by strong end-user demand in its key markets.
Godrej Properties is the country's largest real estate developer by sales bookings. It recorded property sales worth INR 34,171 crore in the previous fiscal. Pirojsha Godrej said the company remains confident of achieving sales bookings of more than INR 39,000 crore in the current fiscal.
Source PTI
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