Godrej Properties Anticipates A 14% Increase In Sale Bookings To An All Time High Of Rs 14,000 Crore

One of India’s top real estate developers, Godrej Properties, has set an ambitious objective of selling homes worth Rs 14,000 crore in the fiscal year 2023–2024. The company’s action follows a record-breaking fiscal year in which it generated revenues of Rs 6,725 crore, despite the difficulties caused by the COVID-19 epidemic.

In India, Godrej Properties has an established track record of producing top-notch residential and commercial developments. The company’s portfolio of projects is diverse and includes high-end townhouses, villas, and apartments as well as workplace, retail, and hospitality space.

The company’s plan for hitting its sales goal for fiscal year 24 includes launching new initiatives, broadening its presence in important Indian markets, and improving client engagement online. Over the upcoming months, the company intends to introduce fifteen new projects across different cities in India. 

Additionally, Godrej Properties is looking into ways to break into other markets including Ahmedabad, Kolkata, and Chennai. To benefit from their experience and understanding of the local market, the company is considering joint ventures with regional developers in certain markets.

Chairman’s verdict on the new target
Pirojsha Godrej who is the executive chairman of Godrej stated in an interview that the company’s performance in 2022–2023 was excellent in terms of all crucial criteria, including booking of sales, customer cash collections, project completion, and the acquisition of new land parcels for development purposes.

Nearly all of the sale bookings, which increased by 56% last fiscal to an unparalleled record of Rs 12,232 crore, were residential properties. Last year’s fiscal year cash receipts increased by 41% to Rs 8,991 crore, and project deliveries reached a record ten million square feet.

Pirojsha stated in the interview that the company has set a target of Rs 14,000 crore value of sale contracts for the current year 2023–24, which is their goal for the fiscal year. The current fiscal year’s cash collection goal is Rs 10,000 crore, and project deliveries are to be increased to 12.5 million square feet.

According to the chairman, prices in the company’s housing projects increased by 10% on average in the previous fiscal year, and growth is anticipated. When asked about the market, Pirojsha stated that the real estate sector’s recovery has been tremendous post-COVID’s second wave.

In terms of sales numbers and prices, Pirojsha remarked that the Delhi region has been functioning quite well. He claimed that the business intended to launch more projects in Delhi, Noida, and Gurugram to capitalize on this.

One of the top residential property developers in the nation is Godrej Properties, a division of the corporate behemoth Godrej Industries. For the development of residential projects, it primarily focuses on Mumbai, the Delhi-NCR, and Pune.

The business’s net profit scaled to Rs 571.39 crore during the entire 2022–23 fiscal year from Rs 352.37 crore the previous year. Additionally, total revenue increased to Rs 3,039 crore in the previous fiscal year from Rs 2,585.69 crore in 2021.

The business is also concentrating on developing a strong online presence to connect with clients and improve their shopping experience. The business has unveiled a brand-new website that offers users an easy-to-use interface for searching and purchasing properties online. The website provides thorough project information, 3D walkthroughs, and virtual tours to help users make educated purchasing selections.

Another significant characteristic that distinguishes Godrej Properties from other developers is its dedication to sustainability and eco-friendly living.

In its projects, Godrej Properties has used environmentally friendly practices like trash management, rainwater harvesting, and energy-efficient building designs. As a result, the business has received numerous honors and medals for its environmental activities.

What lies ahead for Godrej Properties

Due to a weak economy and regulatory difficulties, India’s real estate market has been slowing down recently. However, because of low lending rates, unused capacity, and the move towards remote working, the industry has begun to show signs of revival in recent months.

Godrej Properties is well-positioned to meet its sales target of Rs 14,000 crore in the fiscal year 24 thanks to its stellar reputation, broad portfolio, and emphasis on sustainability.

Proofread & Published By Naveenika Chauhan