Godrej Properties surpasses full-year business development guidance of ₹20,000 crore
The real estate developer announced that it has emerged as the highest bidder for a luxury group housing plot on Golf Course Road in Gurugram, with a revenue potential in excess of ₹5,500 crore.
This marks the 11th new project acquired by Godrej Properties in FY25, bringing the total booking value added through new projects to ₹22,950 crore.
The 7.5-acre plot is located in the Golf Course Road micro-market and offers a development potential of over 1.7 million square feet, comprising luxury residential apartments in various configurations.
In FY24, Godrej Properties acquired two prime parcels of land measuring 5.15 acres and 2.76 acres in the same micro-market from the Haryana Shehri Vikas Pradhikaran (HSVP) through auction and plans to launch both projects in the current financial year.
The estimated revenue potential of Godrej Properties’ developable land on Golf Course Road in Gurugram exceeds $1.5 billion.
“We have witnessed strong demand for our projects in the NCR market demonstrating the huge trust and confidence which our customers have placed in us. I am very confident that this new acquisition will further strengthen our development portfolio in NCR as well as cater to strong demand for our products in this market,” said Gaurav Pandey, MD and CEO at Godrej Properties.
“We will aim to build outstanding residential communities that create long-term value for its residents,” Pandey said.
In an interaction with CNBC TV-18, the MD and CEO of Godrej Properties said the company is said to have already achieved 51% of its annual guidance, recording around ₹13,835 crore in bookings, which is much higher than their performance just two years ago.
Pandey said the company is experiencing a “dream run” with each quarter bringing exciting results and it has already achieved more than half of its annual guidance.
He attributed this success to better management of the company’s project launch schedule, spreading launches more evenly across the year. Despite challenges like the ‘Shradh’ period in Q2 affecting sales, the company remains confident, with strong results expected to continue in Q3, he said.
Shares of Godrej Properties Ltd. have opened almost flat on Friday morning at ₹2,944.95. The stock has risen over 45% so far in 2024.
