Godrej Properties' sales bookings rise 77% to Rs 8,181cr in Apr-Dec period

Realty firm Godrej Properties sales bookings rose 77 per cent year-on-year to Rs 8,181 crore in the April-December period on strong housing demand, and will cross the target of Rs 10,000 crore for the full fiscal, its Executive Chairman Pirojsha Godrej said.

The company's sales bookings stood at Rs 4,613 crore in the first nine months of the last financial year.

In an interview with PTI, Pirojsha Godrej said: "We are very happy with the quarter gone by. Operationally, it has been a very strong quarter".

Sales booking during the October-December period jumped over two-fold to Rs 3,252 crore from Rs 1,541 crore in the year-ago period.

"We have already done nearly Rs 8,200 crore of sales bookings in the first three quarters of this fiscal year and hopefully we will definitely cross Rs 10,000 crore annual guidance," Godrej said.

The sales bookings in the third quarter were the highest for the company for any quarter ever, Godrej highlighted.

Nevertheless, he said, Godrej Properties will not revise upwards its annual guidance for sales bookings.

According to an investors' presentation, out of the total sales bookings in April-December of this fiscal, the residential segment contributed Rs 8,124 crore, while commercial properties were just Rs 57 crore.

Geographically, Godrej Properties sold properties worth Rs 2,675 crore in Delhi-NCR, Rs 2,053 crore in Mumbai Metropolitan Region (MMR), Rs 1,452 crore in Bengaluru and Rs 1,376 crore in Pune.

These are the four major markets for the company.

Godrej Properties, which is the real estate arm of the business conglomerate Godrej Group, is one of the leading real estate developers in the country.

It reported a 51 per cent increase in consolidated net profit at Rs 58.74 crore for the third quarter ended December 2022. The net profit stood at Rs 39.02 crore in the year-ago period.

The total income declined to Rs 404.58 crore in the third quarter of this fiscal from Rs 466.91 crore in the corresponding period of the previous year.

The company posted a net profit of Rs 159.25 crore during the April-December period of this fiscal as against Rs 91.90 crore in the year-ago period.

Its total income rose to Rs 1,200.18 crore in the first nine months of this fiscal from Rs 1,063.12 crore a year ago.

Godrej Properties has been aggressively adding new land parcels (called business development) through outright purchases and partnering with the landowners this fiscal for the future pipeline.