Godrej Properties' Fiscal Success: NCR and Mumbai Dominate Sales in FY24

Godrej Properties, the prominent Mumbai-based developer, has witnessed remarkable success in fiscal year 2024, with nearly half of its sales emanating from the National Capital Region (NCR). The Mumbai Metropolitan Region (MMR) also contributed significantly, comprising 29 percent of the total bookings valued at ₹22,500 crore, surpassing the company's projected guidance by 61 percent.

The company's strategic expansion into various cities has solidified its position as a pan-Indian player, with a notable presence in major real estate markets across the country. Notably, bookings from NCR surged by 180 percent to over ₹10,000 crore, while those from MMR rose by 114 percent to over ₹6,500 crore.

In terms of sales volume, Godrej Properties sold 14,310 homes spanning 20 million square feet, marking a 31 percent increase from the previous year. The total sales value surged by 84 percent, reflecting the company's robust performance across diverse markets, including non-metros like Nagpur and Kochi. NCR and MMR remain the company's largest markets, with Bengaluru rapidly gaining momentum.

The fourth quarter of FY24 witnessed a notable uptick in sales, driven by the launch of two new projects in MMR and NCR. Godrej Zenith in NCR recorded bookings worth ₹3,000 crore, while Godrej Reserve in MMR saw sales amounting to ₹2,690 crore.

Throughout the fiscal year, Godrej Properties demonstrated consistent growth, with four projects achieving bookings exceeding ₹2,000 crore each. This includes projects like Godrej Aristocrat and Tropical Isle, launched in the December and September quarters respectively.

Gaurav Pandey, MD & CEO of Godrej Properties, attributed the sales surge to an improving project mix and robust volume growth. Looking ahead, the company remains optimistic, with a strong launch pipeline for the current fiscal year. Moreover, its recent entry into the Hyderabad market, marked by the acquisition of two land parcels with a sales potential of ₹4,800 crore, underscores its commitment to sustained expansion and success in India's dynamic real estate landscape.

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