Home / Companies / News /  Godrej Properties looks to launch 8,000 cr housing project in Delhi by March quarter

Godrej Properties is expecting to launch a housing project in the national capital's Ashok Vihar region in the fourth quarter of FY23. The realty giant expects sales revenue to the tune of a whopping 8,000 crore from this project. The land parcel belonged to the Railway Ministry-backed Rail Land Development Authority (RLDA) which is responsible for the development of vacant railway lands for commercial use to generate revenue through non-tariff mediums. Godrej Properties Executive Chairman Pirojsha Godrej in an interview on Sunday stated that they are very confident about this project.

In the interview with PTI, Pirojsha revealed that Godrej is still awaiting the final approval to start the work and sales of its upcoming housing project at Ashok Vihar. He added that there has been good progress on the approvals and that they are still hoping for a Q4 launch (January-March).

According to Pirojsha Godrej, the total development potential of the Ashok Vihar project would come to around 4 million square feet. Godrej expects sales revenue of approximately 8,000 crore from the project.

Pirojsha Godrej is very confident about this project as the quality of the land is good because of those three parks in the (Ashok Vihar) area. He added in the interview, "We also have a good-sized plot to do a nice layout. Sales are the least of my concerns in this project. We just need to get the project going... I am sure we will be able to do well from sales perspectives."

Currently, in Delhi-NCR, Godrej Properties has a strong presence in the regions such as Gurugram, Noida, and Greater Noida markets. Further, the company has also expanded its foothold in regions like Delhi, Faridabad, and Sonipat. In FY22, the Delhi-NCR market contributed about 40% to Godrej's total sales bookings of 7,861 crore.

In H1FY23, Godrej Properties recorded the highest-ever sales for the first half of any financial year with book value coming at 4,930 crore. In Q2 alone, the company's total booking value stood at 2,409 crore and total booking volume of 2.71 million sq. ft. During Q2FY23, the company's total income climbed by 13% yoy to 327 crore, while its net profit jumped by 54% yoy to 55 crore. The company also launched four new projects across 3 cities.

In the audit report of Q2FY23, Pirojsha Godrej said they are confident of achieving its booking value guidance of 10,000 crore for FY23.

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