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New Delhi, Dec 14 (PTI) Godrej Properties has sold housing properties worth ₹2,600 crore in the first year of operation in Hyderabad and it is looking to expand business in the city that offers huge growth opportunities, a top company official said.
In January this year, Godrej Properties announced entry into the Hyderabad housing market with the launch of its first project at Kokapet.
In an interview with PTI, Godrej Properties Executive Chairperson Pirojsha Godrej highlighted that the company has performed exceedingly well in the Hyderabad market.
“We launched our first project in Hyderabad during January-March quarter. We launched our second project in July-September quarter. Between these two projects, we have achieved sales bookings of more than ₹2,600 crore of in our first calendar year of operation in the city,” said Pirojsha.
Noting that the Hyderabad market has a “huge growth potential”, he said the company would like to expand business in this city to tap strong demand for premium and luxury residential properties.
Godrej Properties, one of the leading real estate developers in the country, has a strong presence in Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune, and Bengaluru residential markets.
This year, it forayed into the Hyderabad market. In these five cities, it is developing group housing projects.
Buoyed by a robust sales performance in Hyderabad, the company is aggressively looking for more land in Hyderabad.
Recently, Godrej Properties said it has won a bid to acquire 5 acre land in Hyderabad and will develop a housing project worth ₹4,150 crore.
The company took part in an e-auction conducted by the Hyderabad Metropolitan Development Authority (HMDA) for a land parcel measuring around 5 acres in Neopolis, Kokapet.
Godrej Properties emerged as the highest bidder for this land parcel where it plans to develop a premium residential project with a saleable area of about 2.5 million sq ft and an estimated revenue potential of about ₹4,150 crore.
In August, Godrej Properties acquired 7.825-acre land parcel in Kukatpally, Hyderabad.
Across all markets, Godrej Properties achieved a 13 per cent growth in sales bookings to ₹15,587 crore in the first six months of this fiscal year from ₹13,835 crore in the year-ago period.
The company is confident of achieving sales bookings target of ₹32,500 crore for the full fiscal year.
The company sold properties, primarily housing, worth ₹29,444 crore in the 2024-25 fiscal year.
With housing markets across major cities witnessing a strong demand, Godrej Properties is launching new projects and also acquiring land parcels for future.
During this fiscal year, the company is targeting to add ₹30,000 crore of revenue potential through land acquisitions.
Under the new business development, the company acquires land outright and also does joint development agreements (JDAs) with landowners.
For offering housing plots, Godrej Properties is acquiring land in many tier-II and III cities.
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