Godrej Properties leads pack of outliers in real estate

In the Sept quarter, the Pirojsha Godrej-led firm recorded Rs 492 cr net sales, up 49% year-on-year

After a triple blow from note ban, the new tax regime and the implementation of the Real Estate (Regulation and Development) Act (RERA), residential realty sales witnessed a steep decline.

However, a bunch of outliers are bucking the slowdown in the realty sector and recording healthy sales and earnings growth. Leading the bunch is Mumbai-based Godrej Properties, followed by Bengaluru-headquartered Sobha Developers and Mumbai-based Oberoi Realty.  

Residential launches in top eight cities dipped by 41 per cent in first six months of 2017, lowest in seven years, according to Knight Frank. 

RERA has fundamentally changed the nature of development by