Godrej Properties, a prominent real estate firm, has achieved a significant milestone by reporting a record sales booking of Rs 22,500 crore in the last financial year. The surge in sales bookings reflects robust consumer demand for residential properties amidst favorable market conditions.
Surpassing Industry Peers
Godrej Properties’ sales booking figures have surpassed those of its competitors, including Bengaluru-based Prestige Group, which reported pre-sales of Rs 21,040 crore for the same fiscal year. Macrotech Developers reported sales of Rs 14,520 crore, while DLF is yet to announce its numbers. These four listed entities are actively competing to gain market share in the real estate sector.
Best-Ever Performance
In a regulatory filing, Godrej Properties announced its best-ever quarterly and annual sales performance for the fourth quarter and full fiscal year 2023-24, respectively. During the fourth quarter, the company’s sales bookings more than doubled to Rs 9,500 crore year-on-year. For the entire fiscal year, sales bookings witnessed an impressive 84 percent year-on-year growth, reaching over Rs 22,500 crore.
Milestones Achieved
The company attributed its sales growth to the sale of 14,310 homes covering a total area of 20 million square feet. Notable projects contributing to the sales include Godrej Zenith in Delhi-NCR, which achieved a booking value exceeding Rs 3,000 crore, and Godrej Reserve in Mumbai Metropolitan Region, with a booking value of Rs 2,690 crore.
Optimistic Outlook
Gaurav Pandey, MD & CEO of Godrej Properties, expressed satisfaction with the company’s performance over the past two years. He highlighted the significant growth achieved, with sales bookings in Q4, FY24 surpassing the annual bookings in FY22. Pandey emphasized the strong volume growth of 31 percent and expressed confidence in the company’s future prospects.
Future Prospects
Looking ahead, Pandey highlighted the company’s robust launch pipeline for the current fiscal year, further strengthened by its recent entry into the Hyderabad market. With a deep understanding of key real estate markets in India, Godrej Properties aims to deliver sustained high-quality performance across all key operating metrics in the coming years.
In conclusion, Godrej Properties’ record sales bookings in FY24 underscore its position as one of the leading real estate developers in India, driven by strong consumer demand and strategic market initiatives.
