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Godrej Properties has acquired 12 land parcels during the April-December 2024 period to develop housing projects with an estimated worth of ?23,450 crore. The company also plans to continue expanding its portfolio in the current quarter, capitalizing on strong consumer demand for real estate. In an interview with PTI, Pirojsha Godrej, Executive Chairperson of Godrej Properties, revealed that business development was particularly strong during the December quarter. The company signed new projects worth nearly ?11,000 crore in the third quarter alone, surpassing its full-year guidance of ?20,000 crore for the fiscal. Strong Business Development and Future Outlook The company added 12 new projects with a total saleable area of 169 lakh square feet, contributing to a booking value potential of ?23,450 crore during the first three quarters of the fiscal year. With the land acquisition pipeline remaining robust, Godrej Properties is actively engaged in discussions with landowners across multiple cities and anticipates reaching a ?30,000 crore business development target by the end of this fiscal year. Weve already surpassed our business development guidance for the year, which reflects the strong market momentum, said Pirojsha. Financial Strength and Sales Performance In addition to its land acquisitions, Godrej Properties raised ?6,000 crore through a Qualified Institutional Placement in the December quarter, bolstering its balance sheet and providing financial flexibility for further growth. The company has recorded pre-sales of ?19,281 crore in the first nine months of the current fiscal, a significant jump from ?13,008 crore in the same period last year. Pirojsha expressed confidence that Godrej Properties would meet its sales bookings guidance of ?27,000 crore for the full fiscal year. On the financial front, Godrej Properties saw a sharp increase in net profit, which rose to ?1,017.90 crore for April-December 2024-25, compared to ?254.01 crore in the previous year. Total income also surged to ?4,285.99 crore, up from ?2,419.40 crore in the year-ago period. Expanding Reach and Future Plans Godrej Properties, one of Indias leading real estate developers, continues to strengthen its presence in key markets, particularly in the Mumbai Metropolitan Region, Pune, Delhi-NCR, Bengaluru, and Hyderabad. The company is also looking to expand into tier-II cities for plotted developments. With strong growth in both business development and sales, Godrej Properties is well-positioned to maintain its leadership in the Indian real estate sector. |
