Godrej Properties sale bookings may rise to Rs 18k crore surpassing FY24 guidance: Pirojsha Godrej

Feb 11, 2024



New Delhi: Godrej Properties, sales booking It is likely to grow by 50 percent annually to more than Rs 18,000 crore financial yearBeating annual guidance on its strong demand residential projects, In an interview with PTI, the acting chairman Pirojsha Godrej Said the company expects to sell assets worth over Rs 5,000 crore during the January-March period of this financial year, repeating the performance of the last two quarters.
The real estate arm of Godrej Group had sold assets worth Rs 12,232 crore in 2022-23 and had given a sales guidance of Rs 14,000 crore for the current financial year.
“We have already surpassed last year's booking numbers in the first nine months of this fiscal year and expect to significantly exceed our full-year guidance. Overall, we're happy with what's going on from an operational standpoint and are looking forward to a strong end to this fiscal year,” Pirojsha said.
“We have booked sales of over Rs 5,000 crore in the last two quarters. We expect to do so again in the fourth quarter,” he said. He said the company has a strong launch pipeline for this quarter.
Led by strong housing demand, sales bookings at Godrej Properties grew 59 per cent to Rs 13,008 crore during the April-December period this fiscal from Rs 8,181 crore in the year-ago period.
The company aims to sell assets worth over Rs 5,000 crore in the current quarter and this will take the total sales booking to over Rs 18,000 crore in 2023-24.
“Over the last five quarters, this is the fourth time we've had the highest quarterly sales in company history. I think it's a good sign of overall momentum in the market,” Pirojsha said.
The housing market has been strong over the past three years, he said, and he believes the real estate cycle will continue to strengthen over the next few years.
On the financial front, Godrej Properties reported 11 per cent rise in consolidated net profit for the December quarter to Rs 62.72 crore, while sales bookings during the period increased 76 per cent year-on-year to Rs 5,720 crore.
Total income in the third quarter of this financial year increased to Rs 548.31 crore from Rs 404.58 crore in the year-ago period.
Godrej Properties is one of the leading real estate companies in the country. It has a major presence in the Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru and Pune.
It acquires land outright and also partners with landowners to develop real estate projects.



Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *