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Godrej Properties announces a new luxury housing project in Delhi

#Builders & Projects
Last Updated : 7th Dec, 2022
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Synopsis

Godrej properties recently announced an upcoming launch of a premium housing project in Ashok Vihar, Delhi. The project will be developed on a 27acre land parcel that the company purchased in February this year for a reported sum of Rs 1,300 crores. The project is aimed to generate over Rs 8,000 crores in sales income for the company. Godrej Properties has beefed up its presence in Delhi-NCR this year by launching two projects this year: Godrej Connaught One, a compact luxury development near Connaught Place in another residential complex in Central Delhi.

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Godrej properties recently announced an upcoming launch of a premium housing project in Ashok Vihar, Delhi. The project will be developed on a 27acre land parcel that the company purchased in February this year for a reported sum of Rs 1,300 crores. The project is aimed to generate over Rs 8,000 crores in sales income for the company. The plot of land is said to have originally belonged to the Rail Land Development Authority (RLDA).




Godrej Properties has a nationwide presence in India with a concentration of their projects in the four key markets of MMR, Delhi-NCR, Bengaluru and Pune. The company has successfully constructed and delivered projects in Chennai, Kolkatta, Kochi, Ahmedabad, Chandigarh and Nagpur. Off late the company has beefed up its presence in Delhi-NCR. Godrej Properties unveiled Godrej Connaught One, a compact luxury development near Connaught Place in Central Delhi in May this year. Another project was launched in South Delhi’s Okhla in the beginning of this calendar year.



Around 40% of the company's total sales bookings of Rs 7,861 crore during the previous fiscal year came from the Delhi-NCR area. Godrej Properties has set a goal of Rs 10,000 crore in sales bookings for 2022–2023 and a significant contributor would be the Delhi-NCR. It has already seen a 60 percent increase in sales bookings during the first half of this fiscal year, going from Rs 3,072 crore to Rs 4,929 crore. For the quarter that ended in September 2022, Godrej Properties' consolidated net profit increased by 54 percent to Rs 54.96 crore. Its net profit during the prior fiscal year was Rs 35.73 crore.
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