Published On:May 21 2024
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"Godrej Properties Acquires 10 Land Parcels in FY24 for ₹21,000 Crore Projects"

In a significant expansion move, Godrej Properties acquired 10 land parcels, including eight outright purchases, during the last financial year to develop housing projects valued at over ₹21,000 crore. For the current fiscal year, the company aims to acquire additional parcels with a target of generating sales bookings worth ₹20,000 crore.

In its investor presentation, Godrej Properties reported the addition of "10 new projects with an expected future booking value of ₹21,225 crore." The previous fiscal year saw the company set a target of ₹15,000 crore for new business development, focusing on outright land acquisitions and joint development with landowners.

For the current fiscal year, Godrej Properties has set an ambitious new business development target of ₹20,000 crore. Executive Chairperson Pirojsha Godrej emphasized that this target is not a strict upper limit. "If we see great opportunities, ₹20,000 crore is not going to form any kind of upper cap certainly. We have seen in past years, for example, in FY23, where I think we guided around ₹15,000 crore and ended up doing ₹35,000 crore or so. So, certainly, I would not look at this ₹20,000 crore as an upper cap, and we would hope to, if we see the right opportunities, go well past this," he said.

Godrej Properties, a leading real estate developer and part of the Godrej Industries group, has a strong presence in Mumbai Metropolitan Region (MMR), Delhi-NCR (National Capital Region), Pune, and Bengaluru. The company recently entered the Hyderabad property market. Of the 10 land parcels acquired in FY23-24, four are in Delhi-NCR, two each in Bengaluru and Hyderabad, and one each in Kolkata and Nagpur. These projects are expected to offer a total saleable area of 18.93 million square feet.

For the current fiscal year, Godrej Properties plans to launch residential projects worth ₹30,000 crore across major cities, aiming for a 20% growth in sales bookings. The company recorded an 84% increase in sales bookings last fiscal year, reaching a record ₹22,527 crore, up from ₹12,232 crore in the previous year, the highest sales reported by any listed entity for FY24.

According to the investor presentation, Godrej Properties plans to launch 21.9 million square feet (219 lakh) of new projects this fiscal year, with an estimated sales booking value of ₹30,000 crore.

Earlier this month, Godrej Properties reported its highest-ever quarterly profit, with earnings increasing 14% annually to ₹471.26 crore in the March quarter, up from ₹412.14 crore in the same period last year. Total income rose to ₹1,914.82 crore in Q4 FY24, compared to ₹1,838.82 crore in the year-ago period.

For the 2023-24 fiscal year, the company's net profit increased to ₹725.27 crore from ₹571.39 crore the previous year, while total income rose to ₹4,334.22 crore from ₹3,039 crore in FY23. The company delivered 12.5 million square feet of area last fiscal year and aims to increase this to 15 million square feet in 2024-25.


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