Godrej Properties, in a strategic move to bolster its business, acquired 10 land parcels during the previous fiscal year, eight of which were outright purchases. These acquisitions pave the way for housing projects valued at over Rs 21,000 crore. Looking ahead, the company has set its sights on acquiring more parcels in the current fiscal year, with the aim of generating sales bookings totaling Rs 20,000 crore.
During its recent investors presentation, Godrej Properties unveiled the addition of 10 new projects, projecting a future booking value of Rs 21,225 crore. This marks a significant step towards achieving the company’s growth objectives.
In line with its expansion plans, Godrej Properties had initially projected Rs 15,000 crore for new business development in the 2023-24 fiscal year. However, with an eye on growth opportunities, the company has now revised its annual guidance upwards to Rs 20,000 crore for the ongoing fiscal year.
During an investor call, Executive Chairperson Pirojsha Godrej emphasized the company’s willingness to seize promising opportunities, indicating that the Rs 20,000 crore target is not a strict upper limit. Drawing on past successes, where initial projections were surpassed, Godrej expressed confidence in exceeding current targets if favorable opportunities arise.
As a key player in the real estate sector, Godrej Properties, a part of the Godrej Industries group, holds significant presence in key markets such as Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune, Bengaluru, and recently, Hyderabad.
Among the 10 land parcels acquired in the previous fiscal, four are located in Delhi-NCR, two each in Bengaluru and Hyderabad, and one each in Kolkata and Nagpur. These acquisitions are expected to yield approximately 18.93 million square feet of saleable area across future real estate projects.
To sustain its growth trajectory, Godrej Properties aims to launch residential projects worth Rs 30,000 crore across major cities in the current fiscal year, with the goal of achieving a 20 percent growth in sales bookings.
In the preceding fiscal year, the company witnessed a remarkable 84 percent surge in sales bookings, reaching a record high of Rs 22,527 crore, the highest reported sales figure among listed entities for FY24.
