Godrej Properties expects sales booking to be the best quarter ever

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Mumbai-based Godrej Properties is one of the leading real estate developers in India and is part of the Godrej Group, a business compliment.

Godrej Properties expects to record sales bookings for the quarter, surpassing previous highs of Rs 2,632 crore, driven by new launches of more than 10 housing projects amid a strong revival in demand.

Godrej Properties Limited (GPL) Executive Chairman Pirojsha Godrej told PTI in an interview that the residential market has been strongly revived in all major cities, including Delhi-NCR, after the second wave of the epidemic.

Mumbai-based GPL saw a four percent growth in sales bookings to Rs 1,541 crore in the third quarter but expects strong performance in the January-March quarter of the 2021-22 financial year.

These 10 launches include a new phase of development in ongoing projects.

“We hope this quarter will be our all-time best for new bookings,” Pirojsha said.

He is confident that sales bookings will cross Rs 2,700 crore in the current quarter.

Pirojsha said the company has the potential to achieve all-time high sales bookings in the 2021-22 financial year, surpassing last year’s record of Rs 6,725 crore.

He added that this financial year will see decent growth in sales bookings.

During the last financial year, GPL became the largest listed real estate developer in the country in terms of sales bookings.

Already, the company had booked sales of Rs 4,613 crore in the first nine months of this financial year, an increase of 13 percent over the previous year.

Pirojsha said the company is excited to launch its luxury housing project in Ashok Vihar, Delhi in March or early next quarter.

On the business development side, Pirojsha said the pipeline remains strong as the company continues to pursue joint development opportunities and land acquisitions.

Last week, GPL reported that its consolidated net profit nearly tripled to Rs 38.95 crore in the December 2021 quarter.

Its net profit for the same period in 2020-21 was Rs 14.35 crore.

Total income rose to Rs 466.91 crore from Rs 311.12 crore in the year-ago period.

In the first nine months of 2021-22, the net profit multiplied by Rs 2.19 crore to Rs 91.68 crore.

Total income for the April-December period of the current financial year 2021 increased to Rs 1,063.12 crore from Rs 757.01 crore a year ago.

On Thursday, the company announced that it would invest Rs 700 crore in DB Realty, but on Friday, the company withdrew its contract following concerns from minority shareholders and other shareholders.

“There were concerns about the structure of the investment and the slum redevelopment business in general,” Pirojha told PTI on Friday.

Mumbai-based Godrej Properties is one of the leading real estate developers in India and is part of the Godrej Group, a business compliment.

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