Realty firm Godrej Properties' sales bookings dropped by 60 per cent last fiscal to Rs 2,020 crore due to sluggish real estate market. It had sold properties worth Rs 5,038 crore in the 2015- 16 fiscal, mainly on the back of nearly Rs 1,500 crore office space deal at BKC, Mumbai to healthcare products major Abott.
Realty firm Godrej Properties’ sales bookings dropped by 60 per cent last fiscal to Rs 2,020 crore due to sluggish real estate market. It had sold properties worth Rs 5,038 crore in the 2015- 16 fiscal, mainly on the back of nearly Rs 1,500 crore office space deal at BKC, Mumbai to healthcare products major Abbott. “Registered booking volume of 3.1 million sq ft and booking value of Rs 2,020 crore in a weak real estate market,” the Mumbai-based developer said in an investors presentation.
Out of total sales bookings in 2016-17 fiscal, housing segment contributed Rs 1,784 crore while commercial projects accounted for Rs 237 crore. In terms of volume, the company’s sales fell by 28 per cent to 3.1 million sq ft in 2016-17 from 4.3 million sq ft in the previous year.
Godrej Properties, the real estate arm of the Godrej Group, said it added seven new projects with saleable area of 18 million sq ft during the last fiscal. The company delivered 4.55 million sq ft area across four cities. Its net debt increased to Rs 3,499 crore as on March 31, 2017 from Rs 2,894 crore at the end of the previous fiscal.
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Godrej Properties posted a consolidated net profit of Rs 63 crore for the quarter ended March as against a net loss of Rs 12 crore in the year-ago period. Total income rose by 21 per cent in the fourth quarter of last fiscal to Rs 475 crore from Rs 392 crore in the corresponding period of the previous year.
Godrej Properties net profit rose 30 per cent at Rs 207 crore during the last fiscal from Rs 159 crore in the 2015-16 financial year. Total income declined by 24 per cent at Rs 1,733 crore. The company is currently developing residential, commercial and township projects spread across 133 million sq ft in 12 cities.