'Godrej Properties to beat FY24 guidance, sale bookings to hit Rs 18k cr'

Godrej Properties' sale bookings are likely to rise 50 per cent annually to over Rs 18,000 crore this fiscal year, beating the annual guidance on strong demand for its residential projects.

In an interview with PTI, Executive Chairperson Pirojsha Godrej said the company is hopeful of selling properties of more than Rs 5,000 crore during January-March period of this fiscal year, repeating the performance of the previous two quarters.

The real estate arm of Godrej Group had sold properties worth Rs 12,232 crore in 2022-23 and had given sales guidance of Rs 14,000 crore for the current fiscal.

"We have crossed last year bookings number already in the first nine months of this fiscal and expect to go well past our full-year guidance. Overall we are happy with what is going from an operational perspective and hoping for a strong end to this fiscal year," said Pirojsha.

"We have done Rs 5,000 crore plus sales bookings in the last two quarters. We hope to do that again in the fourth quarter," he said, adding that the company has a strong launch pipeline for this quarter.

Driven by robust housing demand, Godrej Properties' sale bookings rose 59 per cent during April-December period of this fiscal to Rs 13,008 crore as against Rs 8,181 crore in the year-ago period.

The company aims to sell properties of more than Rs 5,000 crore in the current quarter and this will take the total sale bookings in 2023-24 to more than Rs 18,000 crore.

"In the last five quarters, this is the fourth time we have had our highest ever quarterly sales in the company's history. I think it is a good sign of overall momentum in the market," Pirojsha said.

The housing market has been strong over the past three years, he said, and believed that the real estate cycle would continue to strengthen over the next few years.

On financial front, Godrej Properties reported an 11 per cent increase in consolidated net profit to Rs 62.72 crore for the December quarter, while sales booking grew 76 per cent annually to Rs 5,720 crore during the period.

Total income rose to Rs 548.31 crore in the third quarter of this fiscal year from Rs 404.58 crore in the year-ago period.

Godrej Properties is one of the leading real estate firms in the country. It has a major presence in Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru and Pune.

It acquires land outright and also partners with landlords for development of real estate projects.