Godrej Properties saw sales bookings of Rs 22,500 crore in FY24, an 84% increase from the previous year

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Due to rising housing demand, Mumbai-based real estate company Godrej Properties reported an 84% year-over-year increase in sales bookings to a record of Rs 22,500 crore. 

Due to rising housing demand, Mumbai-based real estate company Godrej Properties reported an 84% year-over-year increase in sales bookings to a record Rs 22,500 crore on April 9, according to a regulatory filing from the business. 

The booking value increased by 135% to over Rs 9,500 crore in the fourth quarter of FY24, and by 84% to over Rs 22,500 crore in the full year. 

GPL surpassed its booking value guidance by 161% for FY24 thanks to an improved project mix, volume growth of 31% to 20 million square feet, and year-over-year improvements. The company sales volume increased by 56% to 8.17 million square feet in Q4FY24.  

Godrej Properties said in a regulatory filing that the company’s sales for the fourth quarter of the previous fiscal year and the entire year 2023-24 were the highest they have ever been.  

“This marks the greatest annual sales any publicly traded Indian real estate developer  has ever disclosed.” The company claims was achieved by selling 14,310 homes totaling 20 million square feet. 

Superlative customer demand propelled sales in a few significant new project launches. According to the statement, Godrej Reserve in MMR and Godrej Zenith in NCR had booking values of over Rs 3,000 crore and Rs 2,690 crore, respectively. 

Four projects in FY24 achieved over Rs 2,000 crore in booking value, including Godrej Tropical Isle in Q2 and Godrej Aristocrat in Q3. In FY 24, GPL’s booking in the NCR increased by 18% to exceed Rs 10,000 crore, while in the MMR, they increased by 114% to exceed Rs 6,500 crore. 

“The scale-up we have accomplished over the last years fills us with great satisfaction. Our annual bookings in FY22 are not as high as the sales bookings of over Rs 9,500 crore in Q4FY24. In FY24, we saw an 84% increase in bookings, totaling more than Rs 22,500 crore. Godrej Properties MD and CEO, Gaurav Pandey, expressed his satisfaction that the company’s sales growth was driven by a strong 31% increase in volume and an improving project mix.  

Along with its recent entry into the Hyderabad market, the company will have an even stronger launch pipeline for the current year.