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Godrej Properties plans to bring nearly INR 22,000 crore worth of new housing supply to the market in the second half of the current financial year, supported by steady demand across major cities. The company has already launched projects worth INR 18,600 crore and recorded almost INR 15,600 crore in sales bookings in the first half, putting it on track to meet its full-year launch and sales guidance. Strong pre-sales, continued interest in key markets, and solid cash reserves, including equity raised through a QIP last year, are expected to support its expansion.
Godrej Properties is preparing to introduce close to INR 22,000 crore worth of residential projects in the remaining part of this financial year as it looks to make the most of sustained housing demand across key urban markets. The company had earlier guided that it aimed to launch around INR 40,000 crore worth of projects and achieve approximately INR 32,500 crore in sales during the year. Advertisement
According to Executive Chairperson Pirojsha Godrej, the company launched nearly INR 18,600 crore worth of projects in the first half of the fiscal period, with sales bookings reaching about INR 15,600 crore. He noted that this performance accounted for nearly half of both the launch plan and the sales target, and added that the second half of the year generally records higher activity, indicating confidence in meeting or surpassing both targets.
The company's housing project in Worli, Mumbai, is currently progressing, while another project in Bandra is expected to be launched by the end of March. Pirojsha mentioned that the demand environment remains favourable, and overall market conditions continue to support new launches.
Godrej Properties recorded a 13% rise in pre-sales to INR 15,587 crore in the first six months of this fiscal, compared to INR 13,835 crore in the same period last year. In the previous full financial year, the company had sold projects worth INR 29,444 crore, driven largely by housing. Its core markets include the Mumbai Metropolitan Region, Delhi-NCR, Pune, Hyderabad and Bengaluru, with plotted development offerings expanding into several tier-II cities.
To support future growth, the company plans to utilise the INR 6,000 crore raised through a Qualified Institutional Placement last year along with operating cash flows. On the financial side, the developer recently reported a 21% increase in consolidated net profit to INR 402.99 crore for the July-September quarter, compared to INR 333.79 crore in the same period last year. Total income rose to INR 1,950.05 crore from INR 1,346.54 crore a year earlier.
Source PTI
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