by THO
Mumbai-based real estate firm Godrej Properties on April 9 reported a 84% year-on-year increase in sales bookings to a record ₹22,500 crore on the back of increased housing demand, the company said in a regulatory filing.
The fourth quarter of FY24 witnessed an increase in booking value by 135% to more than ₹9,500 crore and FY24 booking value grew by 84% to more than ₹22,500 crore.
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GPL achieved 161% of its booking value guidance for FY24 with volume growth of 31% during the year to 20 million sq. ft. and an improved project mix. Sales volume for Q4FY24 grew by 56% to 8.17 million sq ft, the company said.
In a regulatory filing, Godrej Properties said the company has achieved its best ever quarterly and annual sales in the fourth quarter of the last fiscal and for the full 2023-24, respectively.
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“This is the highest-ever annual sales announced to date by any publicly listed real estate developer in India. This was achieved through the sale of 14,310 homes with a total area of 20 million square feet,” the company said.
Sales were driven by superlative consumer demand in some key new project launches. Godrej Zenith in NCR achieved a booking value of more than ₹3,000 crore and Godrej Reserve in MMR achieved a booking value of ₹2,690 crore, it said.
In FY24, four projects (including Godrej Aristocrat launched in Q3 and Godrej Tropical Isle launched in Q2) achieved over ₹2,000 crore booking value. GPL’s bookings in NCR in FY 24 grew 180% to over ₹10,000 crore and GPL’s bookings in MMR grew 114% to over ₹6,500 crore.
“We are delighted with the scale up we have achieved in the past two years. The sales bookings of over ₹9,500 crore in Q4FY24 surpasses our annual bookings in FY22. We achieved a growth of 84% in FY24 to register bookings of over ₹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%,” said Gaurav Pandey, MD and CEO, Godrej Properties.
The company continues to have a strong launch pipeline for the current year, which will be bolstered by its recent entry into the Hyderabad market.
