Godrej Properties Achieves Record Sales and Strong Financial Performance in Q1
Mumbai-based real estate developer, Godrej Properties Limited (GPL), has reported impressive financial results for the first quarter ended June 30, 2024. With the highest quarterly booking value and volume among all listed developers in India for the second consecutive quarter, GPL continues to solidify its position as a leading player in the industry.
Record-Breaking Figures
During Q1FY25, GPL recorded a remarkable growth of 283% in booking value, reaching INR 8,637 crores ($1.2 billion). This is not only the company’s highest-ever quarterly sales for Q1 but also the second-highest quarterly sales in its history. The total booking volume also set a new record, with 8.99 million square feet of area sold, surpassing GPL’s previous best of 8.17 million square feet in Q4 FY24.
Success in Bengaluru and Noida
Godrej Woodscapes, a premium residential project in Bengaluru, proved to be GPL’s most successful launch to date. With an impressive booking value of INR 3,156 crores, a total area of 3.40 million square feet was sold. In addition to this, GPL experienced astounding quarter-on-quarter sales growth of over 500% in Bengaluru, surpassing its full-year FY24 sales within the first quarter alone.
Similarly, Godrej Jardinia in Noida was also a resounding success for GPL, achieving a booking value of INR 2,377 crores from the sale of 1.60 million square feet of area. Furthermore, GPL has achieved a booking value of over INR 4,400 crores in Sector 146, Noida in less than a year.
Expansion and New Launches
Demonstrating strong growth and expansion strategies, GPL launched a total of 8 new projects and phases across 5 different cities during the quarter. Among the highlights were 2 group housing projects in Pune and Bengaluru, which are estimated to have a combined booking value of INR 3,000 crores.
Awards and Recognitions
GPL’s commendable performance in Q1 FY25 has received recognition from prestigious platforms. The company received 23 awards during the quarter, with Mr. Gaurav Pandey, MD & CEO of Godrej Properties Limited, being acknowledged as one of “The World’s Most Influential Decision Makers” by the Wall Street Journal CEO Council.
Positive Outlook
Pirojsha Godrej, Executive Chairperson of GPL, expressed optimism about the future outlook of the residential real estate sector in India. He highlighted that the sector has shown resilience over the past few years and is expected to continue its growth trajectory in the coming years. GPL’s strong balance sheet, robust launch pipeline, and persistent demand position the company well to achieve its bookings target of INR 27,000 crores in FY25. Moreover, GPL strives to achieve its highest-ever delivery and collection performance.
Overall, Godrej Properties Limited has demonstrated its ability to capture market momentum and achieve substantial growth in the real estate sector. With its proven track record and strong financial performance, GPL continues to solidify its position as a leading national real estate developer.
