May 22, 2024: In a bid to expand the business, Godrej Properties acquired 10 land parcels in FY24, of which eight were outright, to build housing projects worth over Rs 21,000 crore and has set a target for FY25, to buy more parcels that can generate sales bookings of Rs 20,000 crore. For FY24, Godrej Properties had given a guidance of Rs 15,000 crore for new business development, which means acquiring land parcels, through an outright basis, and joint development with land owners.
Godrej Properties, has given an annual guidance of Rs 20,000 crore for FY25, under the new business development. In an investors call, Godrej Properties executive chairperson Pirojsha Godrej said that there is no upper cap for business development, and the company would acquire more land, if there are the right opportunities.
Out of the 10 land parcels acquired in FY24, four land parcels are in Delhi-NCR, two each in Bangalore and Hyderabad, and one each in Kolkata and Nagpur. The total saleable area in these 10 future real estate projects is estimated at 18.93 million square foot (msf). On the new supply guidance, Godrej Properties plans to launch residential projects worth Rs 30,000 crore in FY25 across major cities to achieve 20% growth in sales bookings.
In FY24, the company’s sales bookings jumped 84% 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 FY24. Godrej Properties plans to launch 21.9 msf area, in FY25 with an estimated sales booking value of Rs 30,000 crore.
The company, which is part of Godrej Industries group, has a major presence in four markets — Mumbai Metropolitan Region (MMR), Delhi-NCR (National Capital Region), Pune and Bangalore. It recently entered the Hyderabad property market.
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