Godrej Properties continues to be bullish about housing demand and will acquire this fiscal year multiple land parcels with a total revenue potential of around Rs 30,000 crore, a top company official said.
Godrej Properties is aggressively acquiring land parcels outright and also partnering with land owners to expand its business. In an interview with PTI, Godrej Properties Executive Chairperson Pirojsha Godrej said the company’s business development, which means new land acquisition, has been pretty strong during the first six months of this fiscal and the pipeline for the second half also looks attractive.
Godrej Properties recently announced that the company has surpassed the business development guidance of Rs 20,000 crore for the current fiscal.
Conservative targets to avoid internal pressure
Pirojsha said the company keeps business development target conservative to avoid any pressure on the internal team for land acquisitions.”Land market has heated up. But, we should do at least Rs 30,000 crore GDV (gross development value) this full fiscal year under the business development,” Pirojsha told PTI.
Recently, Godrej Properties acquired 75 acres of land in Nagpur to develop a housing project with an estimated revenue of Rs 755 crore.The company will mainly sell housing plots in this upcoming project.
Key acquisitions in Nagpur and Bengaluru
Earlier this month, Godrej Properties announced it has acquired 30 acres of land in South Bengaluru to develop a township with an estimated revenue of around Rs 3,500 crore.
Godrej Properties, one of the leading real estate developers in the country, would also focus on execution of projects during the second half of this fiscal year, Pirojsha said.
He highlighted that the company’s sales bookings grew 13 per cent to Rs 15,587 crore in the first six months of this fiscal from Rs 13,835 crore in the year-ago period.
Sales bookings remain strong
Pirojsha expressed confidence in achieving the sales bookings target of Rs 32,500 crore for this fiscal year.The company sold properties, primarily housing, worth Rs 29,444 crore in the 2024-25 fiscal.
Godrej Properties develops group housing projects mainly in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru and Hyderabad. It is offering housing plots in many tier II and III cities.
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