Mumbai: Real estate firm Godrej Properties Ltd will launch new projects across 4 cities in FY11, totalling 15 million square feet, taking its presence to 10 cities across the country, top officials said on Monday.
“The new projects would be launched in Mangalore, Chennai, Kochi and Hyderabad. These would be residential properties, including affordable and mid-income...,” Chairman Adi Godrej told reporters.
Godrej Properties Managing Director Milind Korde said that the company intends to develop around 15-million square feet across these cities.
“Tier-II cities in the country are growing and we expect a good demand from the cities...,” Korde said.
The company has a net debt of Rs450 crore as on 31 March. It has 54-million square feet under development on an ongoing basis, of which 72% is residential, Korde said.
Godrej also said that the company was open to dilution of further stake in the next two years, “just as an option”, in case the company needs to raise funds for projects. For the quarter ended March, its net profit tripled to Rs5646 crore.
Godrej attributed this to considerable momentum in sales and recovery in markets like Mumbai and Bangalore. The recovery was witnessed mainly in the mid-income sector, Godrej said.
The company has delivered around 3.9-million square feet in FY10, against 3.7 million square feet delivered from inception till FY09.
Shares of Godrej Properties closed 0.96% up at Rs508.55 a share in a weak Mumbai market.