Godrej Properties acquires 6 land parcels in Q2

To enhance its housing business, Godrej Properties employs a strategy of outright land purchases and partnerships with landowners for joint development.

In its recent operational update, the company revealed that it added eight new land parcels in the first half of the fiscal year, with a total estimated saleable area of about 11 million square feet and an estimated booking value potential of around ?12,650 crore. The six land parcels added in the second quarter are expected to contribute ?9,650 crore in booking value.

Godrej Properties reported achieving 63% of its annual guidance for new business development (land acquisition). Gaurav Pandey, MD & CEO, stated, "Our business development additions of ?12,650 crore in April-September will ensure a robust launch pipeline not only for the current year but for years to come." This includes several projects on the prestigious Golf Course Road in Gurugram, and the company has recently entered the Indore market.

Pandey expressed confidence in the company’s deep understanding of key real estate markets in India and the potential for sustained high-quality performance across all operational metrics in the coming years.

In terms of sales, Godrej Properties reported a 3% increase in bookings to nearly ?5,200 crore in the second quarter, marking the highest-ever booking value for Q2 (July-September). For the first half of the fiscal year, sales booking value soared by 89% year-on-year, exceeding ?13,800 crore, the highest achieved in this period.

Last fiscal year, Godrej Properties became the largest listed real estate firm in India based on sales bookings, with a remarkable 84% increase to ?22,527 crore from ?12,232 crore the previous year. The company aims to achieve ?27,500 crore in sales bookings in the current 2024-25 financial year.