Godrej Properties adds 8 new projects worth ₹16,500 cr in FY23 | Jobs Recent

With high demand for housing and an aim to acquire land for future development, Godrej Properties has so far added eight new projects this fiscal with an estimated revenue potential of 16,500 crores, reports news agency PTI.

With the end of the financial year 2022-23 still four months away, Godrej Properties Executive Chairman Pirojsha Godrej is hopeful that the company will add many more lands to its portfolio by March.

Currently, the company is consulting with several landowners to acquire land, either by right or by entering into Joint Development Agreements (JDA).

“We have added worthy projects 16,500 crore so far this financial year and have already exceeded our full-year guidance 15,000 crowns. Given strong continued visibility, we will end FY2022-2023 well ahead of target,” Pirojsha Godrej told PTI.

However, he disagreed with the revised target for new business development for the current budget. The company’s CEO was very optimistic about sales bookings and new land purchases in the coming months.

In early February this year, Pirojsha Godrej also presented plans for investments around 7,500 crore in the next 12-18 months to acquire and develop new real estate projects, as reported by PTI.

The company bought 18 acres of land in Kandivali, Mumbai for 750 crore to develop a luxury residential project earlier this month. The project will have an estimated revenue potential of approx 7,000 crowns.

Last month, the company acquired 12.4 acres of land, two adjoining plots of land, in Sector 146, Noida. The project will have an estimated development potential of approximately 3.2 million square meters.

This financial year, Godrej Properties also acquired other land deals by acquiring about 0.5 acres near Carmichael Road in Mumbai. This project will offer 0.12 million square feet of luxury residential development with the potential for sales revenue 1,200 crowns. It is a 100 percent owned project, PTI reported.

Godrej Properties, a part of the business conglomerate Godrej Group, is one of the leading real estate companies in the country. It focuses on four core markets – Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru and Pune – although the company also has a presence in Chennai, Kolkata, Kochi, Ahmedabad, Chandigarh and Nagpur.

The company has set a goal 10,000 crore in sales provisions for 2022-2023 compared to 7,861 crore registered in the last financial year.

In the first half of this fiscal year, it has already recorded a 60 percent growth in sales provisions at 4,929 crore as against 3,072 crore in the year-ago period.

(With PTI inputs)

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