Godrej Properties expands footprint with land acquisition and record sales boost

Strategic Land Acquisition in Bengaluru

Godrej Properties Ltd. (GPL), a prominent player in India’s real estate development, has announced a strategic land acquisition in Yeshwanthpur, Bengaluru. The 4-acre parcel, situated along National Highway – 75, is a prime location estimated to yield approximately 0.7 million square feet of saleable area. This includes premium residential apartments, with a projected revenue potential of Rs 1,000 crore.

The site’s proximity to commercial and social infrastructure, metro stations, and key areas in Bengaluru positions it as a strategic addition to GPL’s portfolio. Gaurav Pandey, MD & CEO of Godrej Properties, expressed enthusiasm, stating that this acquisition strengthens their presence in Bengaluru and aligns with the company’s strategy of deepening its roots in key micro markets.

Record Sales in Gurugram

Godrej Properties recently celebrated a landmark achievement with the sale of inventory worth over Rs 2,600 Crore in its project, Godrej Aristocrat, located in Gurugram. This marked their most successful launch ever, surpassing the previous best launch in Noida. The project, situated in Sector 49 on Golf Course Extension Road, Gurugram, witnessed a sale of 1.3 million square feet. Gaurav Pandey expressed gratitude for the overwhelming response and outlined plans to launch four new projects in Gurugram in 2024. The company aims to create outstanding residential communities that deliver long-term value for residents.

Robust Performance in Q2 FY24

Godrej Properties reported impressive financial performance in Q2 FY24. Bookings surged by 109% to Rs 5,034 Crore, reflecting strong demand. Total income grew by 75% to Rs 571 Crore, and net profit saw a notable increase of 22% to Rs 67 Crore. The addition of three new projects, with an estimated booking value of Rs 3,825 Crore, contributed to this robust performance. The delivery of projects aggregating 1.55 million sq. ft. further highlighted the company’s commitment to project execution.

Comparing Q2 FY24 with Q2 FY23, the growth trajectory was evident. Total income increased by 75%, EBITDA grew by 76%, and net profit saw a commendable growth of 22%. The earnings per share (EPS) amounted to Rs 2.40, showcasing the company’s financial resilience and positive trajectory.

About Godrej Properties Limited

Godrej Properties Limited brings a legacy of 126 years, combining excellence, sustainability, and innovation in the real estate industry. In FY 2021, it emerged as India’s largest developer by the value and volume of residential sales. Committed to sustainable development, GPL ensured that all its developments are third-party certified green buildings since 2010. Recognised globally for its sustainability and governance practices, GPL ranked no 1 among listed residential developers in the Global Real Estate Sustainability Benchmark in 2020, 2021, and 2022. As a founding partner of the Sustainable Housing Leadership Consortium (SHLC), GPL actively contributes to spreading sustainable development practices in the Indian real estate sector.

In conclusion, Godrej Properties’ strategic land acquisition, record sales, and robust financial performance underscore its prominent position in the real estate market. With a commitment to sustainable development and a track record of accolades, GPL is poised for continued success in the evolving real estate landscape.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.