Godrej Properties (GPL) announced on Tuesday that its sales bookings surged by an impressive 135%, reaching over Rs 9,500 crore in Q4FY24. This marks the company’s highest-ever quarterly sales. During an interaction with reporters at the launch of the National Talent Forum for Women, an initiative spearheaded by GPL, Guarav Pandey, MD & CEO, discussed the company’s ongoing operations and future plans.
You had a great Q4 and did well in Mumbai and NCR markets. What about other markets?
We are the only developer which is present in almost all major markets be it MMR, Pune, Bangalore, Noida and so on. We have a big focus on South India. We have bought land parcels in Bangalore and Hyderabad. Q4 indeed proved to be an exhilarating quarter for us, and we’re thrilled to have achieved such success.
Rating firms said that due to sticky interest rates, increase in prices, sales growth in the sector could decline in FY25. Your comments.
There was a negative correlation between demand and interest rates. Not only us, but the sector as a whole saw record sales despite high-interest rates. The product has to fit the preferences of customers. We are a research-based company. We meet customers often to find out their needs.
What price increases have been implemented in FY24? Are there plans to pursue further increases?
Across the micro market, we changed the prices. On a ballpark, we increased prices by 2 to 5% every quarter. There is an opportunity to increase prices in specific micro-markets. But we test it and then take a call. Ultimately markets decide the pricing.
Can you give us a break-up between outright purchases and JVs of the company?
It’s the majority of outright purchases. But it is not a strategy shift. It’s more location and return threshold-based. Deals should meet our diligence and return expectations. We have capital and it gives us an edge.