Home / Companies / News /  ‘On track to achieve 10k cr sales in FY23’
Listen to this article

BENGALURU : Real estate developer Godrej Properties Ltd on Tuesday said it has clocked sales bookings worth 2,520 crore in the April-June quarter, a jump of nearly five-fold from 497 crore in the year-ago period.

“We have done just over 2,500 crore sales bookings in Q1, which is typically considered to be a slow quarter, and we are on track to meet our FY23 objective of 10,000 crore of booking value. Our big priority is business development, and we will continue to add new projects both through acquisitions and partnership," said Pirojsha Godrej, executive chairman, Godrej Properties said in an interview.

Godrej Properties said its net profit nearly tripled to 45.55 crore in the April-June quarter, from 17.03 crore in the year ago. Its total income rose to 426.40 crore from 261.99 crore in the period.

The company, which delivered about 6.5 million sq ft of projects in 2021-22, plans to deliver over 10 million sq ft in FY23, it added.

In the quarter, Godrej Properties added a 58-acre project in Nagpur, which will offer 1.5 million sq ft of plotted residential development. “This is a good way to test smaller cities, with plotted projects being in high demand. Going forward, we will look at a few more smaller cities, which may not be the best locations for group housing, for such plotted projects," the company said.

The Mumbai-based developer has increased home prices by about 10% in the last 12 months, but has not seen any impact on sales momentum.

Godrej said the firm is looking at a strong launch pipeline this year, including new projects and new phases of existing projects across cities. It launched three projects in the June quarter.

Earlier this week, it bought a land parcel in south Mumbai’s Carmichael Road to develop an ultra-luxury project. The project will have 20 apartments. “We have been making a concerted effort to look at city-centric locations. When we are buying outright, even smaller projects in great locations, such as the RK Studios property we had bought, can fetch good returns."

The company said effective 1 January 2023, Gaurav Pandey, who is the chief executive of the North Zone of Godrej’s operations, will take over from Mohit Malhotra as the managing director and CEO.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Recommended For You

Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout