Godrej Properties Eyes Robust Growth with ₹30,000 Crore Residential Projects in FY 2025

Godrej Properties aims to launch residential projects worth ₹30,000 crore in FY 2025, across major cities in India to attain a 20% growth in sales bookings amid robust demand.

The Executive Chairman of Godrej Properties Limited, Pirojsha Godrej, said, “We have given a sales bookings guidance of ₹27,000 crore for the current fiscal, a 20% growth from a high base in 2023-24. The housing demand continues to be strong, especially for reputed brands.”

He added, “It (2023-24 fiscal) was a great year overall, whether you look at launches, sales, collection from customers, business development, deliveries of projects, cash flow and profit. We are really excited to see the kind of momentum in the business.”

In FY 2024, the company’s sales bookings jumped 84$ to a record of ₹22,527 crore, from ₹12,232 crore in FY 2023. This is the highest sales reported so far by any listed entity for FY’24.

To tap the demand in the housing sector, Pirojsha stated Godrej Properties has lined up launches of multiple projects across the Mumbai-Metropolitan Region (MMR), Delhi-NCR, Pune, Bengaluru, and Hyderabad markets.

As per the investors’ presentation, the company anticipates launching a 21.9 million (219 lakh) square feet area in FY 2025 with an estimated sales booking value of ₹30,000 crore.

In addition to launches and sales, Pirojsha said the company would continue acquiring land parcels for future development and step up project deliveries.

“The significant levels of business development (land acquisition) we have executed in previous years at favourable terms allowed us to scale our bookings by 84% to ₹22,527 crore in 2023-24 and become the largest publicly listed real estate developer in India by sales,” said Pirojsha.

In the fiscal year 2023-24, the company witnessed a rise in net profit to ₹725.27 crore, up from ₹571.39 crore in the previous year. Total income also grew to ₹4,334.22 crore from ₹3,039 crore in FY 2023. Additionally, the company delivered 12.5 million square feet of area in the last fiscal year and aims to increase it to 15 million square feet by 2024-25.

On May 6, 2024, the share price of Godrej Properties Ltd opened at ₹2,680.00, touching the day’s high at ₹2,748.00, as of 9:49 AM on the NSE.

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