Godrej Properties Zoomed Over 4% After Release of Quarterly and Annual Sales

On April 09, 2024, a leading real estate developer, Godrej Properties Limited (GPL), in an exchange filing, released its best-ever quarterly and annual sales in Q4 FY24 and FY 24, respectively. During the quarter ended March 31, 2024 (Q4 FY24), the company witnessed a growth of 135% in booking value to more than 9,500 crore. In addition, the FY24 booking value rose 84% on a YoY basis to more than 22,500 crore. As a result, GPL recorded 161% of its booking value guidance for FY24 with volume growth of 31% during the year to 20.00 million sq. ft. and an improved project mix.

For the quarter ended March 31, 2024, sales volume grew by 56% to 8.17 million sq. ft. The company’s sales were driven by superlative consumer demand in some key new project launches. During the quarter, Godrej Zenith in NCR recorded a booking value of more than 3,000 crore and Godrej Reserve in MMR achieved a booking value of 2,690 crore.

“We are delighted with the scale-up we have achieved in the past two years. The sales bookings of over INR 9,500 crore in Q4FY24 surpasses our annual bookings in FY22. We achieved a growth of 84% in FY24 to register bookings of over INR 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%. We’d like to take this opportunity to sincerely thank our customers and all stakeholders for their trust and confidence in Godrej Properties.” said Gaurav Pandey, MD & CEO of Godrej Properties

He further added, “We continue to have a strong launch pipeline for the current year, which will also be bolstered by our recent entry into the important Hyderabad market. We have built a deep understanding across the key real estate markets in India. We are greatly excited by the potential the next several years offer for us to deliver sustained high-quality performance across all key operating metrics.”

About Godrej Properties Limited

Godrej Properties Limited (GPL) is one of the leading real estate development companies. In FY 2021, Godrej Properties emerged as the largest developer in India based on the value and volume of residential sales achieved. On April 09, 2024, the shares of the company opened at ₹2,650.60 and touched the day high of ₹2,791.20 at 11:00 AM.

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