In the fourth quarter of FY24, the company set down the sales of 5,331 houses, adding to a total value of ₹9,500 crores, marking a 135 per cent increase compared to the previous year. About, 8.17 million square feet had been sold, reflecting a 56 per cent hike.
Regional Sales Dynamics in NCR and MMR
Half of the Godrej Properties’ sales in FY24 originated from the National Capital Region, whereas 29 per cent of the Mumbai Metropolitan Region accounted for 29 per cent of the total bookings amounting to ₹22,500 crores. This figure surpassed the company’s stated guidance by 61 per cent.
Expansion and Market Presence
The Mumbai-based developer is rapidly expanding its presence in various cities, positioning itself as one of the key pan-Indian players in the real estate sector. In FY24, the company noted a significant surge in bookings from the National Capital Region (NCR), with a remarkable 180 per cent increase to over ₹10,000 crores, as stated in its quarterly update. Similarly, bookings from the Mumbai Metropolitan Region (MMR) surged by 114 per cent to over ₹6,500 crores.
Regarding sales volume, the company successfully sold 14,310 homes, encompassing a total area of 20 million square feet, marking a 31 per cent increase compared to the previous year. In terms of value, the sales witnessed a substantial 84 per cent rise. With a presence in ten cities, including non-metros like Nagpur and Kochi, the NCR and MMR stand out as their largest markets, with Bengaluru quickly gaining traction.
In the fourth quarter of FY24, the company reported impressive sales figures, with 5,331 houses sold, amounting to a total value of ₹9,500 crores, reflecting a notable 135 per cent increase compared to the previous year. The total area sold during the quarter reached 8.17 million square feet, marking a significant 56 per cent rise.
Consistent Performance Throughout the Year
The quarterly company sales reflected the overall trend for the entire year. The sales in this quarter were primarily fueled by the introduction of two new projects in the Mumbai Metropolitan Region (MMR) and the National Capital Region (NCR). Godrej Zenith in NCR garnered bookings worth ₹3,000 crores, while Godrej Reserve in MMR noticed sales of a total amount of ₹2,690 crore.
Successful Project Initiatives
Throughout the full year, four projects initiated by the developer achieved bookings exceeding ₹2,000 crore each. This notably includes Godrej Aristocrat, launched in the December quarter, and Tropical Isle, introduced in the September quarter.
Leadership Insights and Future Plans
Godrej Properties’ MD & CEO Gaurav Pandey attributed the sales growth to an improving project mix and strong volume growth. “We will consistently have a strong launch pipeline for the current year, which will also be bolstered by our recent entry into the important Hyderabad market, “he said. Last month, the company acquired two land parcels in Hyderabad with a total sales potential of ₹4,800 crore.
Conclusion
In FY24, Godrej Properties witnessed a remarkable surge in sales, notably in the NCR and MMR regions. The company’s strategic expansion into multiple cities, coupled with successful project initiatives, solidifies its position as a key player in the Indian real estate sector. With strong leadership insights emphasizing a robust launch pipeline and entry into new markets like Hyderabad, Godrej Properties is poised for sustained growth and continued success in the years ahead.
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