Godrej Properties Achieves Record Sales of Rs 2,690 Crore in Mumbai Project

Godrej Properties Ltd (GPL) has garnered significant success with the sale of inventory worth Rs 2,690 crore in its Godrej Reserve project located in Mumbai's Kandivali area. Launched within a mere 15 months of acquiring the land, this project has emerged as GPL’s most triumphant venture in Mumbai, boasting unprecedented sales volume.

Gaurav Pandey, MD & CEO of Godrej Properties, expressed delight at the overwhelming response to the Godrej Reserve project, hailing it as the best-ever launch in Mumbai's residential real estate landscape. With a developable potential of 3.72 million square feet, the project holds an estimated revenue potential of approximately Rs 7,000 crore.

Despite the impressive sales figures, the project still holds a significant amount of unlaunched inventory, presenting ample opportunities for future sales. The company aims to capitalize on this potential in the coming years, further solidifying its position in Mumbai's real estate market.

The recent inauguration of a metro line connecting Kandivali, Dahisar, and Andheri has notably improved connectivity to the area, enhancing the project's attractiveness to potential buyers.

Godrej Properties has also witnessed remarkable financial performance, recording its best-ever pre-sales in the December quarter at Rs 5,700 crore, marking a substantial 76 percent increase from the previous year. Additionally, the company reported a 6 percent year-on-year rise in consolidated net profit, reaching Rs 62.47 crore in the third quarter.

As of the latest update, the stock of Godrej Properties was trading at Rs 2,488 on the National Stock Exchange, representing a 3.25 percent increase from the previous close.

The success of the Godrej Reserve project underscores Godrej Properties' prowess in the real estate sector, reaffirming its position as a key player in Mumbai's dynamic property market.