Godrej Properties takes possession of 10 land parcel with GDV Rs. 21,000

Intending to expand their footprints, the real estate arm of Godrej properties, has purchased 10 land parcels. Out of which, eight were outright, last financial year to build housing projects worth over Rs. 21,000 crore. They have set a target that; they will buy more land parcels which will generate sales bookings of Rs. 20,000 crore. 

In the last 2023-24 fiscal, Godrej Properties had given a guidance of Rs. 15,000 crore for new business development,which implies that, acquiring land parcels through an outright basis and joint development with land owners. 

Godrej has set a target of of Rs. 20,000 crore for this fiscal year under the new business development. Godrej Properties Executive Chairperson Pirojsha Godrej mentioned that, there is no specific upper cap for business development and also added that, if they get right opportunities, they will acquire more land in future.

He quoted, “If we see great opportunities, Rs. 20,000 crore is not going to form any kind of upper cap certainly. And we have seen in past years, for example, in FY23, where I think we guided around Rs. 15,000 crore and ended up doing 35,000 crore or so. So, certainly I would not look at this Rs.20,000 crore as an upper cap and we would hope to if we see the right opportunities, go well past this."

The company which is a subpart of Godrej Industries group, is one of the top rated real estate firm across India. It has a major presence in four markets, that are, Mumbai Metropolitan Region (MMR), Delhi-NCR (National Capital Region), Pune and Bengaluru. It recently entered the Hyderabad property market.

Out of the 10 land parcels acquired in the 2023-24 fiscal, the presentation showed that four land parcels are in Delhi-NCR, two each in Bengaluru 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 feet.

Godrej Properties is planning to launch residential projects worth Rs. 30,000 crore this fiscal across major cities to achieve 20% growth in sales bookings. During the last fiscal year, the company’s sales booking surged by 84% and made a record of 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.

During the 2023-24 fiscal, the company's net profit increased to Rs. 725.27 crore, from Rs. 571.39 crore in the preceding year. Their total income rose to Rs. 4,334.22 crore in FY24, from Rs. 3,039 crore in 2022-23.