Godrej upcoming projects in India 2022 Expected sales value of ₹9,500 cr
Godrej upcoming projects in India, Realty firm Godrej Properties Ltd with a sales potential of over Rs 9,500 crore has added seven housing projects from April 2021 for future development and aims to expand its portfolio in a big way this financial year.
In an interview with PTI, Godrej Properties Executive Chairman Pirojsha Godrej said that the company would add more projects during this financial year to achieve higher growth.
Mumbai-based Godrej Properties buys land outright as well as partners with landowners for future development.
Godrej added six housing projects to the portfolio during the last financial year and one was added in April 2022.
On this fiscal year’s outlook for new business development, Godrej said the company will add more projects as compared to the previous financial year. “The pipeline of new deals is very strong.
Godrej sees a very strong year ahead for new business growth with Godrej upcoming project in India. Cash flow is exemplary and net debt is only around ₹400 cr
Godrej Properties had earlier announced its plans to invest around Rs 7,500 crore over the next 12-18 months in the acquisition and development of new real estate projects.
Godrej invested an amount in some of the projects last year. But now they are planning to invest some more funds.
According to the investors’ presentation, Godrej upcoming projects added six residential projects in the last fiscal, covering 9.33 million sq ft of salable area, with a sales booking capacity of Rs 8,950 crore. These six projects are in four major cities where the company is concentrated – Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune, and Bengaluru.
In April, it added a project in Nagpur with a salable area of 1.52 million sq ft, valued at ₹575 crores.
On the operations front, Godrej Properties expects its sales bookings to grow at least 27% to cross the Rs 10,000 crore mark in the current fiscal.
In the last financial year, Godrej Properties’ sales bookings grew by 17% to ₹7,861 crores, of which ₹7,781 crores came from residential properties.
It sold 9,121 homes in FY 2012 with a total area of 10.8 million square feet.
The good news for Godrej is that the sector has now decisively turned into an uptrend and the next few years should be very good for this sector. Godrej certainly has many properties in its portfolio. Projects are adding up.
Pirojsha Godrej said the company distributed around 6.5 million sq ft during the last financial year and aims to reach 10 million sq ft.
He added that the company plans to launch an area of over 20 million square feet during this financial year either in new projects or in new phases of existing projects.
Recently, Godrej Properties reported a consolidated net profit of ₹260.47 crores for the quarter ended March. The company had a net loss of ₹191.57 crores in the year-ago period.
Total income rose to ₹1,522.57 crores during the January-March quarter of the previous financial year, from ₹576.08 crores in the year-ago period.
Godrej Properties made a net profit of ₹352.37 crores from 2021-to 22. It had a net loss of ₹189.30 crores last year. The total income increased to ₹2,585.69 crores in the last financial year from ₹1,333.09 crores in 2020-21.
Godrej Properties, the real estate arm of the business conglomerate Godrej Group, has a significant presence in the property markets of Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune, and Bengaluru.
The company has distributed around 24 million square feet of real estate in the last five years. It currently has a marketable area of 192 million square feet across India.