New Delhi: Realty firm Godrej Properties will meet its target of selling properties worth Rs 14,000 crore this financial year as it expects strong demand for ongoing and upcoming housing projects, its executive chairman Pirojsha Godrej said.
Godrej Properties, the real estate arm of Godrej Group, had sold properties worth Rs 12,232 crore in the last financial year.
In an interview with PTI, Pirojsha Godrej said the company is focusing on the launch and timely execution of new housing projects in major cities.
”We are confident of meeting the annual guidance of sales booking of Rs 14,000 crore. Hopefully, we can do better,” he said when asked about the company’s sales performance.
The company has achieved 48 per cent growth in its sales bookings to Rs 7,288 crore during the April-September period of FY 2023-24, from Rs 4,929 crore in the year-ago period.
Pirojsha said the company has an aggressive launch pipeline in the second half of this financial year in four focus markets – Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru.
“Delhi-NCR is a big market for us. “We are planning to launch housing projects in Noida, Gurugram and Ashok Vihar, Delhi during the current and next quarter,” Pirojsha said.
Of the total sales booking of Rs 7,288 crore in the first six months of this fiscal, the Delhi-NCR market contributed sales of Rs 3,186 crore.
Its residential project ‘Godrej Tropical Isle’ in Sector 146, Noida alone contributed to sales of Rs 2,016 crore.
MMR contributed Rs 1,458 crore to sales bookings, followed by Bengaluru (Rs 1,239 crore) and Pune (Rs 1,187 crore).
On delivery of projects, Pirojsha said the implementation is on the right track and the company has delivered 6.5 million sq ft area in the first half of this financial year.
“We are confident of meeting our guidance of 12.5 million sq ft of delivery this financial year,” he said.
During the 2022-23 financial year, Godrej Properties had delivered 10.47 million sq ft of area.
On the financial front, the company recently reported a 22 per cent rise in its consolidated net profit at Rs 66.80 crore during the September quarter of this financial year, as against Rs 54.96 crore in the year-ago period.
Total income during the July-September period of the current financial year increased to Rs 605.11 crore from Rs 369.20 crore in the same period last year.
Its sales bookings increased two-fold to Rs 5,034 crore in the second quarter of FY24, from Rs 2,409 crore a year ago.
