 "Godrej acquires 6 land parcels to develop Rs 9,650 cr housing projects | Company News")
The company has given a target of achieving Rs 27,500 crore worth of sales.
Realty firm Godrej Properties acquired six new land parcels in the July-September quarter to develop housing projects worth Rs 9,650 crore as part of its expansion plan amid strong demand.
Godrej Properties is one of the leading real estate developers in the country. It has a significant presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru.
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To expand the housing business, Godrej Properties acquires land through outright purchases as well as forming partnerships with landowners for joint development.
In its latest operational updates for the July-September quarter, Godrej Properties said it has added 8 new land parcels in the first six months of this fiscal with a total estimated saleable area of about 11 million square feet and total estimated booking value potential of around Rs 12,650 crore.
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This included the addition of 6 new land parcels in the second quarter of this fiscal with an expected booking value of Rs 9,650 crore.
Godrej Properties said it has already achieved 63 per cent of its annual guidance for new business development (land acquisition).
Gaurav Pandey, MD & CEO, Godrej Properties, said, “Our business development additions of Rs 12,650 crore in April-September will ensure that we continue to have a strong launch pipeline not just for the current year but for years to come”.
This includes several projects at the prestigious Golf Course Road in Gurugram, he said, adding that the company has entered the market of Indore recently.
“We have built a deep understanding across the key real estate markets in India and are greatly excited by the potential the next several years offer for us to deliver sustained high-quality performance across all key operating metrics,” Pandey said.
Godrej Properties’ sales bookings rose 3 per cent to nearly Rs 5,200 crore in the second quarter of this fiscal on better housing demand.
This is the highest ever Q2 (July-September) booking value achieved by Godrej Properties.
During the April-September period of this fiscal, Godrej Properties’ sales booking value grew 89 per cent annually to over Rs 13,800 crore.
This is the highest-ever booking value achieved by Godrej Properties during the first half of a fiscal year.
Godrej Properties became the largest listed real estate firm last fiscal in terms of sales bookings.
During the last fiscal, Godrej Properties sales bookings jumped 84 per cent to a record Rs 22,527 crore from Rs 12,232 crore in the preceding year.
The company has given a target of achieving Rs 27,500 crore worth of sales bookings in the current 2024-25 financial year.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Oct 12 2024 | 3:25 PM IST
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