Godrej Properties is the only developer to achieve a booking value of more than Rs 2,000 crore a year across each of the large markets of NCR, Mumbai Metropolitan Region, Bengaluru and Pune, chairman Pirojsha Godrej said in the company’s latest annual report.
The company ended the year with sales bookings of Rs 12,232 crore, 56% higher than the previous year. This was delivered on the back of strong volume growth of 40% to 15.21 million sq ft from the sale of over 12,500 homes, Godrej said.
Sustenance sales in the financial year grew by 25% to Rs 6,026 crore and sales from new launches increased by over 100% to Rs 6,206 crore.
Sustenance sales refers to the sales from existing projects.
“Our robust sales performance has translated into the highest-ever collections of Rs 8,991 crore for FY23, representing a growth of 41% over what was our previous best year. This was backed by strong project completions of over ~10 million sq ft for FY23,” he said.
The company’s total income increased by 26% and stood at Rs 3,017 crore and net profit increased by 62% to Rs 571 crore for FY23.
In FY23, Godrej Properties also delivered it’s best-ever year for business development by adding 18 new projects with an estimated revenue potential of Rs 32,000 crore, a 250% increase over FY22. This provides them with a robust launch pipeline to build on the strong growth momentum achieved in FY23, he said.
“We believe the residential real estate sector in India will continue to grow fast in the years ahead providing opportunities for leading developers to both participate in sectoral growth while also gaining market share,” Godrej said.
These projects will play an important role in ensuring we are able to meet our aspiration of growing our sales at 20% a year while also providing us the opportunity to expand margin in line with our goal of achieving an ROE of 20%, he said.
“Our focus in the year ahead will be to exceed Rs 14,000 crore in booking value while delivering another record year for cash collections and project delivery,” he said.