Godrej aims to sell Rs 14,000-cr properties in FY24

Godrej Properties expects 14 per cent growth in sale bookings this fiscal to a record Rs 14,000 crore on strong housing demand, a top company official said.

Godrej Executive Chairman Pirojsha Godrej highlighted that the company's performance in 2022-23 was very strong on all important metrics like sale bookings, cash collections from customers, completion of projects and addition of new land parcels for future developments.

He said the sale bookings rose 56 per cent last fiscal to an all-time high of Rs 12,232 crore and almost all were housing properties. Cash collections grew 41 per cent to Rs 8,991 crore last fiscal year, while project deliveries touched a record 10 million square feet, he said.

Asked about the targets for current year 2023-24, Pirojsha said: "We have set a target of Rs 14,000 crore worth of sale bookings for now. We will hopefully do better than our annual sales guidance." The cash collection target has been set at Rs 10,000 crore for current fiscal, while the deliveries of projects would rise to 12.5 million square feet, he said. Pirojsha said prices in the company's housing projects rose by an average 10 per cent last fiscal and it is expected to appreciate further.

Asked about the market, Pirojsha said the recovery in the real estate sector has been very good post second wave of the pandemic despite increase in interest rates on home loans. He expected demand to sustain in the coming years, with softening of interest rates.

Pirojsha noted that the Delhi-NCR market has been performing very well in terms of both sales volumes and pricing. To encash this, he said the company plans to launch many projects in Delhi, Noida and Gurugram. Godrej Properties, an arm of business conglomerate Godrej Industries, is one of the leading real estate developers in the country. It mainly focuses on Delhi-NCR, Mumbai Metropolitan Region, Bengaluru and Pune for development of residential projects.

During the full 2022-23 fiscal, the company's net profit increased to Rs 571.39 crore from Rs 352.37 crore in the previous year. Total income also grew to Rs 3,039 crore last fiscal from Rs 2,585.69 crore in 2021-22.