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The company signed new projects with a total booking value potential of nearly Rs 11,000 crore during the third quarter of this fiscal, he said, adding the business development crossed Rs 23,000 crore during April-December.
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Godrej thinks that the Godrej brand is a tremendous asset that's been built up over 127 years. He further said that the brand gives them the immediate credibility and ability to play in a variety of sectors.
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During Q4FY24, one project in Bengaluru which was inactive for a decade has been revived, offering another potential Rs 5,000 crore in booking value, according to chairman Pirojsha Godrej.
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Pirojsha Godrej said the company is expecting another good financial year, banking on the positive consumer sentiments.
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The company has achieved 48% growth in its sales bookings to Rs 7,288 crore during the April-September period of 2023-24 fiscal from Rs 4,929 crore in the year-ago period.
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The company’s sales bookings stood at Rs 4,613 crore in the first nine months of the last financial year. In an interview with PTI, Pirojsha Godrej said, ”We are very happy with the quarter gone by. Operationally, it has been a very strong quarter”.
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Pirojsha said the company is in a good position to take up the challenge because of the Godrej brand and its understanding of the property market.
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In March last year, Godrej Properties had raised Rs 3,750 crore through Qualified Institutional Placement (QIP) process as part of its objective to strengthen the company's balance sheet and future business growth. Its net debt is mere Rs 313 crore as on December 31, 2021.
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The latest decision was taken after the board took into consideration the feedback from the stakeholders and minority investors, the firm said in a statement.
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The company plans to launch more than 10 projects in the second half of this fiscal to keep the sales momentum going, its executive chairman Pirojsha Godrej said.
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Godrej Properties said it has "partnered with Taj Hotels Palaces Resorts Safaris to develop a world-class Taj brand hotel at its flagship project, The Trees, at Vikhroli".
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"Godrej Properties Ltd has entered into a development management agreement with Shivam Realty to develop a residential group housing project off the Akurli cross road at Hanuman Nagar, Kandivali East, Mumbai," the company said in a statement.
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Adi Godrej, who will turn 75 in April, will continue as chairman emeritus at Godrej Properties, which earlier in the day reported a twofold jump in net profit at Rs 77.25 crore, the company said in a statement.
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Pirojsha Godrej becomes Executive Chairman while Executive Director Mohit Malhotra takes over from Pirojsha as Managing Director and Chief Executive.
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Mumbai-based real estate firm Godrej Properties reported healthy growth in third quarter earnings despite currency demonetisation. Profit on consolidated basis increased nearly 3-fold year-on-year to Rs 77.2 crore on strong response to new launches despite demonetisation.
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The company plans to foray into plotted land development business, which will help the company increase its presence in different cities, according to a media report.
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In an interview to CNBC-TV18 Pirojsha Godrej, MD and CEO of Godrej Properties said growing incomes, negative interest rate growth and increasing real estate affordability coupled with zero price increases can help the realty sector make a very strong comeback in the second half of 2017.
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Spread across 5.5 acres, the project will offer 5.6 lakh sqft of saleable area and will be developed as a modern residential development comprising apartments of various configurations, the company said in a statement issued here.
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Its net profit was Rs 103.91 crore in the year-ago period, the company said in a regulatory filing.
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This is the company's first project in Noida-Greater Noida market. The township 'Godrej Golf Links' is being developed as a joint venture with ACE Group, a local developer in NCR.
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Realty firm Godrej Properties has acquired a 12-acre land parcel in Bengaluru to develop a housing project.
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According to Pirojsha Godrej, MD & CEO, Godrej Properties, the phase II sales figures have been good. He expects average realisations for phase II to be at least 10 percent higher than that of phase I.
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Pirojsha Godrej, MD and CEO, Godrej Properties, sees Rs 700 crore revenue potential from the second phase, with average realisations at Rs 20,000 per sq ft. Additionally, 93 percent of the first phase was sold out within a month of its launch
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The company plans to launch phase II of Trees project in coming weeks said, Pirojsha Godrej, MD & CEO Godrej Properties.
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Godrej Properties in September had sold 4.35 lakh sq ft of office space at Bandra-Kurla Complex (BKC) in Mumbai for a good valuation of Rs 1,479 crore.
