Godrej Properties, the real estate arm of business conglomerate Godrej Industries, is one of the leading real estate developers in the country
Godrej Properties on Monday said its sales booking rose 56 per cent last fiscal year to an all-time high of Rs 12,232 crore on strong demand for residential properties. In a regulatory filing, Godrej Properties informed that the company achieved its highest ever sales bookings in the fourth quarter as well as the entire 2022-23 financial year. In the fourth quarter, the company clocked sales bookings of Rs 4,051 crore. Its sales bookings stood at Rs 7,861 crore in 2021-22.
When contacted, Godrej Properties Executive Chairman Pirojsha Godrej said: "The reason we were able to deliver strong growth in FY23 is that we had a strong portfolio of projects across the country." "For the first time, we sold over Rs 2,000 crore of real estate in each of our four focus markets of Mumbai, NCR, Bengaluru and Pune," he told PTI.
Of the total sales bookings last fiscal year, Pirojsha said the housing segment's contribution was 99 per cent. "Our teams on the ground did very well to capitalize on a strong real estate demand environment," he said. The company looks forward to building on this momentum in FY24, Pirojsha added. As per the filing, sales volumes grew 40 per cent to 15.21 million square feet last fiscal from 10.84 million square feet in the previous year.
Cash collections for FY23 grew 41 per cent to Rs 8,991 crore. In the fourth quarter, collections stood at Rs 3,822 crore, representing year-on-year growth of 52 per cent. Godrej Properties also reported its highest ever quarterly and annual project deliveries. "Delivered projects aggregating over 10 million square feet across 5 cities in FY23 including 7.6 million square feet in Q4," it said.
Gaurav Pandey, MD & CEO, Godrej Properties highlighted that the company's sales bookings were 22 per cent more than the annual guidance. "This sales growth for the year was on the back of both an improving project mix as well as strong volume growth of 40 per cent," he said.
The robust sales performance has translated into record collections growth, backed by strong project completions of over 10 million square feet."With our business development additions nearly doubling our initial guidance and increasing by over 200 per cent YoY, we will have a stronger launch pipeline in the current year than ever before," Pandey said.
Godrej Properties, the real estate arm of business conglomerate Godrej Industries, is one of the leading real estate developers in the country. It mainly focuses on Delhi-NCR, Mumbai Metropolitan Region, Bengaluru and Pune for development of residential projects.