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According to a top corporate official, Godrej Properties estimates a 14% increase in sale bookings this year to a record Rs 14000 crore due to strong housing demand.
Godrej Executive Chairman Pirojsha Godrej told that the company’s performance in 2022-2023 was very solid on all essential indicators such as sale bookings, cash collections from clients, project completion, and acquisition of new land parcels for future developments.
The sales bookings increased 56% last Financial year to an all-time high of Rs 12232 crore, with nearly all of them being residential units.
Last Financial year, cash collections increased 41% to Rs 8991 crore, while project deliveries reached a new high of 10 million square feet, he said.
When asked about the plans for the current Financial year 2023-2024, Pirojsha stated, “For now, we have set a target of Rs 14000 crore in sale bookings.” We intend to outperform our annual sales forecast.”
The cash collection target for the current financial year has been set at Rs 10000 crore, while project deliveries would increase to 12.5 million square feet, he said. Prices in the company’s housing projects jumped by an average of 10% last Financial year and are likely to rise higher.
When asked about the market, Pirojsha stated that despite increases in interest rates on house loans, the recovery in the real estate sector has been extremely robust since the second wave of the COVID pandemic.
He predicted that demand would remain strong in the future years as interest rates fell. According to Pirojsha, the Delhi-NCR market has been performing very well in terms of both sales volume and pricing.
To capitalise on this, he stated that the company intends to launch more projects in Delhi, Noida, and Gurugram.
Godrej Properties, a division of the commercial giant Godrej Industries, is one of the country’s largest real estate developers. It primarily develops residential developments in Delhi-NCR, Mumbai Metropolitan Region, Bengaluru, and Pune.
The company’s net profit climbed to Rs 571 crore for the Financial year 2022-2023, up from Rs 352 crore the previous year. Total income increased to Rs 3039 crore in the last Financial year, up from Rs 2586 crore in 2021-2022.