Godrej Properties Ltd., a prominent real estate firm, has been aggressively acquiring land parcels to capitalize on the robust housing demand in India. The company’s acquisitions during the current fiscal year have the potential to generate a revenue of approximately Rs 20,000 crore, exceeding its initial guidance.
Exceeding Fiscal Targets
Managing Director and CEO of Godrej Properties, Gaurav Pandey, announced that the company has already surpassed its guidance for new business development in the fiscal year 2023-24. With the addition of two significant land parcels recently, the company’s new business development for the fiscal year has reached Rs 15,000 crore.
Recent Acquisitions
In the current quarter, Godrej Properties completed two outright land purchases in Hyderabad and Noida, alongside entering a joint venture in Bengaluru. These acquisitions are expected to contribute around Rs 11,500 crore to the total revenue potential, bringing the cumulative figure to approximately Rs 20,000 crore for the fiscal year.
Growth Outlook
Pandey remains optimistic about the growth prospects of the housing segment and anticipates further acquisitions in the near future. The company is actively evaluating proposals from various landlords to expand its land portfolio.
Previous Achievements
In the preceding fiscal year 2022-23, Godrej Properties had acquired land parcels with a revenue potential exceeding Rs 32,000 crore post-development. The company has been strategically expanding its presence across key markets such as Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, and Pune.
Strong Sales Performance
Godrej Properties has witnessed a surge in sale bookings, driven by robust housing demand. Sale bookings for the current fiscal year are expected to exceed Rs 18,000 crore, surpassing the annual guidance of Rs 14,000 crore. The company’s sale bookings during the April-December period of this fiscal year rose by 59 percent compared to the previous year.
Financial Performance
On the financial front, Godrej Properties reported a consolidated net profit of Rs 62.72 crore for the December quarter, marking an 11 percent increase from the previous year. The company’s total income also witnessed a significant rise, reflecting its strong performance amidst challenging market conditions.
In conclusion, Godrej Properties’ aggressive expansion plans and strong financial performance underscore its commitment to capitalizing on India’s growing real estate market and meeting the evolving demands of homebuyers.
