Realty firm Godrej Properties plans to launch residential projects worth Rs 30,000 crore this fiscal across major cities to achieve 20 percent growth in sales bookings amid strong demand, its executive chairperson Pirojsha Godrej said.
In an interview with PTI, Pirojsha said, "We have given a sales bookings guidance of Rs 27,000 crore for the current fiscal, a 20 per cent growth from high base in 2023-24."
In the last fiscal, the company's sales bookings jumped 84 percent to a record Rs 22,527 crore, from Rs 12,232 crore in the preceding year. This is the highest sales reported so far by any listed entity for FY'24. Pirojsha said the housing demand continues to be strong, especially for reputed brands.
"It (2023-24 fiscal) was a great year overall, whether you look at launches, sales, collection from customers, business development, deliveries of projects, cash flow and profit. We are really excited to see the kind of momentum in the business." He expected housing demand to sustain in the coming years.
To tap this demand, Pirojsha said the company has lined up launches of multiple projects across Delhi-NCR, Mumbai-Metropolitan Region (MMR), Bengaluru, Pune, and Hyderabad markets. "We are planning to launch six projects in Delhi, Gurugram and Noida this fiscal," he said.
According to an investors presentation, Godrej Properties plans to launch 21.9 million (219 lakh) square feet area this fiscal with an estimated sales booking value of Rs 30,000 crore. Not only launches and sales, Pirojsha said the company would continue acquiring land parcels for future development and also step up deliveries of projects.
"The significant levels of business development (land acquisition) we have executed in previous years at favourable terms allowed us to scale our bookings by 84 per cent to Rs 22,527 crore in 2023-24 and become the largest publicly listed real estate developer in India by sales," Pirojsha said. He noted that the housing sector has been strong over the past three years and exuded confidence that the "sectoral tailwinds" would continue over the next few years.
On Friday, Godrej Properties reported its highest-ever quarterly profit as earnings jumped 14 per cent annually to Rs 471.26 crore in the March quarter. Its net profit stood at Rs 412.14 crore in the year-ago period.
Total income rose to Rs 1,914.82 crore in the fourth quarter of FY24, from Rs 1,838.82 crore in the year-ago period. During the 2023-24 fiscal, the company's net profit increased to Rs 725.27 crore, from Rs 571.39 crore in the preceding year.
Total income rose to Rs 4,334.22 crore in FY24, from Rs 3,039 crore in 2022-23. The company delivered 12.5 million square feet area in the last fiscal and is targeting to scale it up to 15 million square feet in 2024-25.
Godrej Properties, part of Godrej Industries Group, is one of the leading real estate developers in the country.
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