NCR contributes nearly half of Godrej Properties’ sales in FY24

April 9, 2024

Nearly half of Godrej Properties sales in FY24 have come from the National Capital Region and the Mumbai Metropolitan Region contributed 29 per cent of the total bookings of ₹22,500 crore, which was 61 per cent higher than its stated guidance.

The Mumbai-based developer has been expanding rapidly in other cities as it becomes one of the few pan-Indian players with significant presence in major real estate markets in the country. In FY24, bookings from NCR rose 180 per cent to over ₹10,000 crore, the company said in its quarterly update while bookings from MMR rose 114 per cent to over ₹6,500 crore.

In terms of sales volume, it sold 14,310 homes occupying 20 million square feet of space, up 31 per cent on year and in terms of value it was up 84 per cent. The company has presence in ten cities including non-metros such as Nagpur and Kochi. The NCR, MMR are its largest markets with Bengaluru rapidly catching up.

In the fourth quarter of FY24, the company reported sales of 5,331 houses for a total value of ₹9,500 crore, up 135 per cent on year. The total area sold was 8.17 million square feet in the quarter, up 56 per cent.

Its quarterly sales mirrored the trend for the full year. Sales in the quarter were driven by two new launches in MMR and NCR. Godrej Zenith in NCR reported bookings of ₹3,000 crore while Godrej Reserve in MMR saw sales of ₹2,690 crore.

In the full year, four projects by the developer recorded bookings of over ₹2,000 crore and this includes Godrej Aristocrat launched in the December quarter and Tropical Isle launched in the September quarter.

Godrej Properties’ MD & CEO Gaurav Pandey attributed the sales growth to an improving project mix and strong volume growth. “We continue to have a strong launch pipeline for the current year, which will also be bolstered by our recent entry into the important Hyderabad market, “he said. Last month, the company acquired two land parcels in Hyderabad with a total sales potential of ₹4,800 crore.

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