Godrej Properties Shares Skyrocketed Over Sales of ~₹3,000 Crore From Single Project

On April 08, 2024, Godrej Properties Ltd (GPL), one of India’s leading real estate developers in India, in an exchange filing, announced that it had sold more than 1,050 homes with a value of over ~₹3,000 crore in its project, Godrej Zenith, located in Sector 89, Gurugram within 3 days of launch. The company further stated that this project is the most successful ever launch in terms of the value and volume of sales achieved. Godrej Zenith is the company’s largest residential development in Gurugram.

During FY2034, the company witnessed a YoY growth of 473 % YoY in sales in Gurugram and has a strong launch pipeline for FY25, which includes new project launches planned in Sector 103, Sector 43, and Sector 54. These planned launches will significantly strengthen GPL’s presence in the city.

This is the 4th time in India and the 2nd time in Gurugram that GPL has achieved sales of more than ₹2,000 crore since its inception in FY24. In Q4FY24, the company sold inventory in its Kandivali, Mumbai project, Godrej Reserve, for about ₹2,690 crore. Additionally, in Q2 FY24, it recorded sales of over ₹2,000 crore in its Godrej Tropical Isle project in Noida. It sold inventory worth over ₹2,875 crore in its Godrej Aristocrat project, which is located in Sector 49 on Golf Course Extension Road, Gurugram.

“We are delighted with the response to our project, Godrej Zenith. We’d like to take this opportunity to sincerely thank our customers and all stakeholders for their trust and confidence in Godrej Properties. We will do our best to ensure Godrej Zenith offers its residents an outstanding living experience. Gurugram is an extremely important market for Godrej Properties, and we will look to further strengthen our presence in Gurugram in the years ahead,” said Mr Gaurav Pandey, MD & CEO of Godrej Properties

About Godrej Properties Ltd

Godrej Properties Limited (GPL) is the real estate development arm of the Godrej Group. It is mainly engaged in the development of residential projects. In FY 2021, Godrej Properties emerged as the largest developer in India based on the value and volume of residential sales achieved. On April 08, 2024, the company’s shares opened at ₹2,552.00 and touched a day high of ₹2,692.05 at 12:03 PM.

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.