 "Pirojsha Godrej")
Realty firm Godrej Properties' sale bookings are likely to double at record Rs 5,500 crore in the current financial year despite slowdown in the property market.
A sharp jump in the sales booking is on account of monetisation of its office space in Bandra Kurla Complex (BKC) in Mumbai for Rs 1,480 crore and a good response from its housing project 'The Trees' at Vikhroli.
Godrej Properties, the real estate arm of Godrej group, had recorded a sales booking of Rs 2,681 crore in the 2014-15 financial year.
According to an analyst's presentation, the Mumbai-based developer has achieved a sales booking of Rs 4,422 crore in the first nine months of this financial year, up 96 per cent from the previous year.
Of the total sales booking so far, the residential segment contributed Rs 2,930 crore and commercial Rs 1,492 crore.
Sources said the sales booking for the full financial year would be nearly Rs 5,500 crore.
Godrej Properties in September had sold 4.35 lakh sq ft office space to Abbott India in 'Godrej BKC' project at BKC, Mumbai for Rs 1,479 crore. The Vikhroli housing project has contributed Rs 862 crore in sales bookings.
"We have achieved a sales booking of more than Rs 1,200 crore for the third consecutive quarter of this financial year despite a slow market," Godrej Properties managing director and chief executive officer Pirojsha Godrej had said after the December quarter results.
Acccording to the presentation, the Vikhroli project was the most successful launch ever by Godrej Properties in terms of value sold in the launch quarter.
"93 per cent of launched inventory or 348 apartments with 4,55,503 sq ft for Rs 862 crore sold within one month of the launch," it added.
Earlier this month, the company reported a 10 per cent increase in consolidated net profit at Rs 51.99 crore for the December quarter as against Rs 47.24 crore a year-ago.
Income from operations declined to Rs 422.27 crore during the third quarter compared to Rs 519.30 crore in the same period of the previous year.
Godrej Properties is developing residential, commercial and township projects spread across 111 million sq ft in 12 cities. Last month, it forayed into the Noida property market by partnering with local developer Lotus Greens.
