Godrej Properties plans to build ₹9,650 crore worth of housing projects; acquires 6 land parcels in Q2

Real Estate firm Godrej Properties acquired six new land parcels in the second quarter of the financial year 2024-25. The company plans to develop housing projects worth ₹9,650 crore as part of its expansion plans amid strong market demand, reported the news agency PTI on Saturday, October 12.

Godrej Properties shares closed 0.02 per cent lower at ₹3,012 after Friday's market close, compared to ₹3,012.65 at the previous market close.

The company acquires land purchasing outright and forms partnerships with landowners for the joint development process to expand the business, as per the agency report.

Godrej Properties, in its latest operational updates for the July-September quarter, said that the company has added 8 new land parcels in the first six months of the financial year 2024-25 with a total estimated saleable area of about 11 million square feet and a total estimated booking value potential of around ₹12,650 crore, as per the report.

This included the addition of 6 new land parcels in the second quarter of this fiscal with an expected booking value of ₹9,650 crore, reported the agency.

“Our business development additions of ₹12,650 crore in April-September will ensure that we continue to have a strong launch pipeline not just for the current year but for years to come,” said Gaurav Pandey, Managing Director and Chief Executive Officer (CEO) of Godrej Properties, quoted the agency report.

The company also stated that it has achieved 63 per cent of its annual guidance for new business development and land acquisition, as per the agency report. 

Company projects and sales

The multiple projects include Golf Course Road in Gurugram, and the company has also recently entered the Indore market, said the report.

“We have built a deep understanding across the key real estate markets in India and are greatly excited by the potential the next several years offer for us to deliver sustained high-quality performance across all key operating metrics,” said Pandey, quoted by the agency.

The company's sales bookings increased 3 per cent to almost ₹5,200 crore in July to September quarter based on the better demand in the market for housing, according to the report.

Godrej Properties' sales target for the financial year 2024-25 is ₹27,500 crore in bookings, according to the report.