Godrej Properties adds 7 projects with expected sales value of Rs.9500 crores | Jobs Recent

Realty firm Godrej Properties Ltd has added seven residential projects for future development as of April 2021 with a sales potential of over Rs 9,500 crore and plans to expand its portfolio significantly this fiscal.

In an interview to PTI, Godrej Properties Executive Chairman Pirojsha Godrej said the company will add more projects this fiscal year to achieve more growth.

Mumbai-based Godrej Properties is buying land outright and partnering with landowners for future development.

“In the last fiscal year, we added six residential projects to our portfolio, and we added one in April,” he said.

Regarding the new business development forecast this budget, Godrej said the company will add more projects compared to the previous financial year.

“The pipeline of new business is very strong. We see a very strong year for new business development. Our cash flow is healthy and net debt is only around 400 million rupees,” he said.

Godrej Properties had earlier announced its plans to invest around Rs 7,500 crore in the next 12-18 months to buy and develop new real estate projects.

“We have allocated some amount to a few projects that we added last year. But most of the fund is still available,” he added.

According to an investor presentation, Godrej Properties last fiscal added six residential projects comprising 9.33 million sq ft of salable area with a sales booking potential of Rs 8,950 crore. These six projects are in four major cities that the company is focusing on – Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune and Bengaluru.

In April, it added one project in Nagpur with a salable area of ​​1.52 million sq ft worth Rs 575 crore.

On the business side, Godrej Properties expects its sales bookings to grow by at least 27 percent in the current fiscal to cross the Rs 10,000 crore mark.

“We should definitely see good growth from last year’s level. Our target will be to try to cross Rs 10,000 crore,” he said.

In the last fiscal, Godrej Properties’ sales bookings increased 17 percent to Rs 7,861 crore, of which Rs 7,781 crore was from residential properties.

It sold 9,121 homes totaling 10.8 million square feet in 2022.

”Overall, I think the good news is that the sector now appears to have turned decisively into an upward trend and I think the next few years should be very good for the sector. Of course, we have been adding many projects to our portfolio. So that also gives us good confidence,” he said.

Pirojsha Godrej said the company delivered around 6.5 million sq ft in the last financial year and is aiming to reach 10 million sq ft.

He noted that the company plans to introduce more than 20 million square feet of floor space in new projects or new phases in existing projects this fiscal year.

Recently, Godrej Properties reported a consolidated net profit of Rs 260.47 crore for the quarter ended March. The company posted a net loss of Rs 191.57 crore in the year-ago period.

Total revenue rose to Rs 1,522.57 crore during the January-March quarter of the last fiscal from Rs 576.08 crore in the year-ago period.

Godrej Properties posted a net profit of Rs 352.37 crore in 2021-22. It had a net loss of Rs 189.30 crore in the previous year.

The total income increased to Rs 2,585.69 crore in the last fiscal from Rs 1,333.09 crore in 2020-21.

Godrej Properties, the real estate arm of business conglomerate Godrej Group, has a significant presence in the real estate markets of Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune and Bengaluru.

The company has delivered approximately 24 million square feet of real estate over the past five years. It currently has 192 million square feet of retail space across India.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is automatically generated from the aggregated source.)

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