Real estate developer Godrej Properties on Tuesday announced that it has sold homes worth Rs 22,500 crore in FY24, reporting a growth of 84 per cent on-year. This, it added, was 61 per cent above the guidance provided by the company at the start of the year. “This is the highest ever annual sales announced to date by any publicly listed real estate developer in India,” Godrej Properties said in an exchange filing. The real estate developer sold 14,310 homes with a total area of 20 million sqft to achieve the sales number.
For the March quarter, Godrej Properties recorded booking value of more than Rs 9,500 crore, which is a growth of 135 per cent in comparison to the same period last year. The quarterly sales too were the highest reported by the firm and this, it added, was achieved through the sales of 5,331 homes with a total area of over 8 million sqft.
“GPL achieved 161 per cent of its booking value guidance for FY24 with volume growth of 31 per cent during the year to 20.00 million sqft and an improved project mix. Sales volume for Q4FY24 grew by 56 per cent to 8.17 million sqft,” it said.
Godrej Properties credited the superlative consumer demand in some key new project launches for its sales growth. Godrej Zenith in NCR achieved a booking value of more than Rs 3,000 crore and Godrej Reserve in MMR achieved a booking value of Rs 2,690 crore.
During the financial year, Godrej Properties’ 4 projects (including Godrej Aristocrat launched in Q3 and Godrej Tropical Isle launched in Q2) achieved over Rs 2,000 crore booking value. Its bookings in NCR in FY24 grew 180 per cent to over Rs 10,000 crore and GPL’s bookings in MMR grew 114 per cent to over Rs 6,500 crore.
“The highest ever quarterly sales for Godrej Properties came from the Mumbai Metropolitan Region where it sold homes worth over Rs 4,000 crore,” the company said.
Gaurav Pandey, MD & CEO, Godrej Properties, said, “We are delighted with the scale up we have achieved in the past two years. The sales bookings of over Rs 9,500 crore in Q4FY24 surpasses our annual bookings in FY22. We achieved a growth of 84 per cent in FY24 to register bookings of over Rs 22,500 crore. We are pleased that this sales growth was on the back of both an improving project mix as well as strong volume growth of 31 per cent. We’d like to take this opportunity to sincerely thank our customers and all stakeholders for their trust and confidence in Godrej Properties.”
“We continue to have a strong launch pipeline for the current year, which will also be bolstered by our recent entry into the important Hyderabad market. We have built a deep understanding across the key real estate markets in India and are greatly excited by the potential the next several years offer for us to deliver sustained high-quality performance across all key operating metrics,” he added.