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Godrej Properties: Robust Growth in Profits and Revenues

During April-September 2023-24 Godrej Properties sells more than 600 units worth over Rs 2,600 crore

Godrej Properties: Robust Growth in Profits and Revenues

Godrej Properties, the real estate development arm of the Godrej Group, has achieved a milestone by successfully selling apartments worth over ₹2,600 crore in the Godrej Aristocrat project located at Sector 49 on Golf Course Extension Road in Gurugram. This marks the company's most successful launch to date in terms of sales value, surpassing the previous quarter's best of over ₹2,000 crore achieved with the Godrej Tropical Isle project in Noida.

 

Godrej Properties announced the sale of over 600 units in its new luxury residential project in Gurugram, Haryana. Officials reported that the inventory sold at the Godrej Aristocrat project totaled over ₹2,600 crore. The project is planned to encompass the construction of nearly 750 apartments on a 9.5-hectare site, with a starting price of about ₹4 million.

 

In the April-September quarter of the financial year 2023-2024, Godrej Properties witnessed a substantial 48 percent increase in sales bookings, reaching ₹7,288 crore compared to ₹4,929 crore in the same period the previous year. The Delhi-NCR market played a significant role in this success, contributing ₹3,186 crore to the total sales bookings.

 

MD & CEO Gaurav Pandey expressed the importance of Gurugram as a key market for Godrej Properties, revealing plans to launch four new projects in Gurugram in 2024. Pirojsha Godrej, the Executive Chairperson, emphasized the significance of Delhi-NCR as a major market, announcing plans to launch residential projects in Noida, Gurugram, and Ashok Vihar in Delhi during the current and next quarter.

 

Godrej Properties expanded its footprint by acquiring approximately 62 acres of land in Kurukshetra, Haryana, with plans to develop a residential project spanning 1.4 million square meters. Additionally, the company secured two plots of land for a residential project in Noida through an auction, winning the bid at ₹377 crore, as part of its strategic expansion in the National Capital Region (NCR).

 

On the financial front, the company reported a 22% rise in consolidated net profit to ₹66.80 crore for the September quarter of 2023-24, compared to ₹54.96 crore in the same period the previous year. The total revenue for the period increased significantly to ₹605.11 crore from ₹369.20 crore in the corresponding period last year.


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