Godrej Properties’ bookings in FY23 up 56% y-o-y, collections up 41%

Godrej Properties has ended 2022-23 exceeding its guidance both in terms of bookings as well as revenue potential of projects added during the year.

Last fiscal year, the company saw a 56 per cent growth in pre-sales at ₹12,232 crore, while it also added 18 new projects with an estimated saleable area of 29 million square feet (msf) and revenue potential of ₹32,000 crore, well over double its guidance figure.

The company said the strong booking numbers were due to an improved product mix and volume growth of 40 per cent. In terms of area, it sold space worth 15.21 msf in the year.

Collections during the year were up 41 per cent at ₹8,991 crore. It delivered projects aggregating 10 msf across five cities.

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“With our business development additions nearly doubling our initial guidance, we will have a stronger launch pipeline in the current year than ever before,” said Managing Director and Chief Executive Officer Gaurav Pandey.

In the March quarter, the company reported sales worth ₹4,051 crore, with volume rising 19 per cent sequentially. Collections rose 127 per cent on quarter to ₹3,822 crore, while deliveries in the quarter were at 7.6 msf.

Of the new projects added during the year, the company added five new projects in the fourth quarter with a revenue potential of ₹5,750 crore.

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