Godrej Properties buys 12 land parcels in April-December to build Rs 23,450-crore projects

Godrej Properties acquired 12 land parcels during April-December period of this fiscal to develop housing projects worth Rs 23,450 crore, and plans to buy more in the ongoing quarter to expand business amid strong consumer demand.

Godrej Properties acquires land outright and also partners with landowners, under new business development.

In an interview with PTI, Godrej Properties Executive Chairperson Pirojsha Godrej said the "business development was very strong during December quarter".

The company signed new projects with a total booking value potential of nearly Rs 11,000 crore during the third quarter of this fiscal, he said, adding the business development crossed Rs 23,000 crore during April-December.

"We had guided for Rs 20,000 crore, so we've already crossed full year guidance for business development," Pirojsha said.

In its latest investors presentation, Godrej Properties informed that the company has added 12 projects with a total estimated saleable area of 169 lakh square feet and "total estimated booking value potential of Rs 23,450 crore" during the April-December period of this fiscal.

Asked about future land acquisition, Pirojsha said the pipeline is very strong and the company is in discussion with landowners across multiple cities. He said the company might reach Rs 30,000 crore mark in new business development for the current fiscal.

"We raised Rs 6,000 crore through Qualified Institutional Placement (QIP) in the December quarter. The fund raise has given a good solidity to the balance sheet and good ability to invest for growth," said Pirojsha.

He also exuded confidence that the company would be able to meet the sales bookings guidance of Rs 27,000 crore for this full fiscal year.

During 2023-24, the company had sold properties worth Rs 22,527 crore.

Already, the company has clocked pre-sales of Rs 19,281 crore in the first nine months of this fiscal as against Rs 13,008 crore in the year-ago period.

On financial front, Godrej Properties' net profit jumped to Rs 1,017.90 crore in April-December 2024-25 from Rs 254.01 crore in the year-ago period. Total income rose to Rs 4,285.99 crore from Rs 2,419.40 crore.

Godrej Properties is one of the leading real estate developers in the country.

In group housing segment, the company has a significant presence in Mumbai Metropolitan Region (MMR), Pune, Delhi-NCR and Bengaluru. It has recently entered Hyderabad.

For plotted developments, Godrej Properties is open to do business in tier II cities.