Tag Archives: Godrej Properties Ltd

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. 

Godrej Properties Stands Tall, But Weak Demand is a Concern.

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Worried about economic and political factors influencing the real estate sector, investors have dumped real estate stocks in the past few months. The 15-member BSE realty index is down by 40 percent in past one year. The members of the index have had varying degrees of fall in their stock prices ranging between 8.5 percent and 81 percent during the same period. However, through all this, the Godrej Properties scrip has not only held its ground, but also registered 19 percent appreciation in price in the last one year.

One of the few business houses to be in real estate, Godrej Properties is a national real estate developer with presence across 11 cities in mid-income housing development. One of the biggest advantage enjoyed by the company is the equity of its brand “Godrej”. At a time when the sector is losing investor confidence due to some of its players’ supposed involvement in corruption, having a strong and reliable brand in the realty space could not have been more cherished by Godrej Properties.

Given the command of high interest rates, high influence is yet another issue for real estate companies. The low capital-intensive model is a good change over other capital-intensive companies. The fourth quarter ended March 2011 has been the best one for the company driven by sales from its projects in Ahmedabad and Gurgaon. The company is expected to launch 4.5-5.5 million square feet area in fiscal 2012.

Though, one of the concerns is its geographic concentration of the company’s landbank around half of which is located in Ahmedabad and another concern is the weak demand in Mumbai market where the company’s ambitious project ‘The Trees’ is being constructed at Vikhroli. The demand should recover by the next 02 years.

13th India Realty Expo’10 A Success

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The India Realty Expo 2010 organized by the Maharashtra Chamber of Housing Industry (MCHI) in Dubai was a great success. It was the 13th year of the realty expo and 9th consecutive year of the expo in Dubai. The exhibition held from June 3, 2010 to June 5, 2010 saw a presence of total 2847 NRI’s. The event’s success can be contributed to the fact that the exhibitors were offering ready properties or possessions between 3-6 months.

The Exhibition was inaugurated by his Excellency Mr. Naresh Mehta, Consul Commerce of India, Consulate General of India, Dubai-U.A.E on June 3, 2010.

Eighteen leading developers and builders from India including Acme Housing (India) Pvt Ltd., Akar Creations Pvt ltd., Ashiana, Delta Group, Everest Developers, Godrej Properties Ltd, Hiranandani Constructions Pvt Ltd, Kolte-Patil Developers Ltd, Marvel Realtors, Nahar Group, Nyati Group, Our Town, Pathy Housing, Runwal Group, Rustomjee, Uma Constructions- represented by United 4 realtors participated in the exhibition.

Indian_Consulate_03_07_2010-36
Photo by vasofoto.comMr. Sunit Mantra, President MCHI said on the occasion, “Looking at the factors such as attractive prices of Indian Real Estate as compared to Dubai coupled with a lackluster trend in local markets there, turned out a bonanza for the Indian realtors exhibiting their properties in the Dubai exhibition with investors and genuine buyers visiting in large number this year.”
The Hon. Secretary, MCHI, Mr. Deepak Goradia said, “We have seen tremendous response and turnout for the exhibition this time. Projects in Andheri, Powai, Navi Mumbai, Kandivali, Borivali, Bandra, Ghatkopar, Thane from Mumbai and other cities such as Bangalore, Goa and Pune received a lot of enquires for residential flats. Quality of visitors was good and mostly they were affluent, focused and high end consumers. Moreover visitors showed interest in 2/3 BHK flats ranging from 60 lacs to 1 cr.”

The Indian Real Estate Industry has only reasons to cheer in the time to come.