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With strong housing demand and the aim to acquire land for future development, Godrej Properties has added eight new projects so far this fiscal with an estimated revenue potential of 16,500 crore, according to the news agency PTI.

As four months are still left in the 2022-23 financial year, Godrej Properties Executive Chairman Pirojsha Godrej is hopeful that the company will add many more land parcels to its portfolio by March.

Currently, the company is in deliberations with multiple landowners for the acquisition of land, either out rightly or by entering into joint development agreements (JDAs).

"We have added projects worth 16,500 crore so far this financial year and have already crossed our full-year guidance of 15,000 crore. Given strong further visibility, we will end 2022-23 fiscal much ahead of the target," Pirojsha Godrej told PTI.

However, he did not share the revised target for the new business development for the current fiscal. The company's chief executive sounded extremely bullish on sales bookings and new land acquisitions in the coming months.

Earlier in February this year, Pirojsha Godrej also outlined plans to invest around 7,500 crore over the next 12-18 months on the acquisition and development of new real estate projects, as per PTI reports. 

The company had acquired an 18-acre land parcel in Kandivali, Mumbai for 750 crore to develop a luxury housing project earlier this month. The project will have an estimated revenue potential of about 7,000 crore.

Last month, the company won 12.4 acres of land, two adjacent land parcels, in Sector 146, Noida. The project will have an estimated developable potential of about 3.2 million square feet.

During this fiscal year, Godrej Properties has also acquired other land deals with the acquisition of about 0.5 acres near Carmichael Road in Mumbai. This project will offer 0.12 million square feet of luxury residential development with a sales revenue potential of 1,200 crore. It is a 100 percent owned project, PTI reported. 

Godrej Properties, which is part of the business conglomerate Godrej Group, is one of the leading real estate companies in the country. It focuses on four key markets -- Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, and Pune -- although the company has a presence in Chennai, Kolkata, Kochi, Ahmedabad, Chandigarh, and Nagpur as well.

The company has set a target of 10,000 crore in sales bookings for 2022-23 as against 7,861 crore registered during the last fiscal year.

It has already clocked a 60 percent growth in sales bookings during the first half of this fiscal year at 4,929 crore as against 3,072 crore in the year-ago period.

 

(With PTI inputs)

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