Godrej Properties Achieves Record Sales Bookings of Rs 22,500 Crore in FY24
Mumbai-based real estate developer Godrej Properties announced an impressive 84% year-over-year surge in sales bookings, reaching a record Rs 22,500 crore, according to a regulatory filing on April 9th. This remarkable achievement comes on the back of escalating housing demand.
Financial Highlights
- Q4 FY24: Booking value soared by an exceptional 135% to over Rs 9,500 crore.
- FY24: Total booking value saw an 84% increase, surpassing Rs 22,500 crore.
- Sales Volume Growth: Witnessed a substantial 31% rise to 20 million square feet in FY24 and a 56% jump to 8.17 million square feet in Q4 FY24.
Godrej Properties exceeded its booking value guidance for FY24 by a remarkable 161%, driven by an improved project mix and volume growth. The company confirmed in their regulatory filing that these figures represent the highest sales figures ever recorded for the fourth quarter and the full fiscal year 2023-24.
“This marks the greatest annual sales any publicly traded Indian real estate developer has ever disclosed.” They further elaborated that this accomplishment was achieved by selling 14,310 homes, encompassing a total area of 20 million square feet.
Project Performance and Regional Growth
Several key project launches played a significant role in driving sales momentum. Godrej Reserve in the Mumbai Metropolitan Region (MMR) and Godrej Zenith in the National Capital Region (NCR) generated impressive booking values exceeding Rs 3,000 crore and Rs 2,690 crore, respectively.
Four projects in FY24 achieved booking values surpassing Rs 2,000 crore, including Godrej Tropical Isle in Q2 and Godrej Aristocrat in Q3. In the NCR, Godrej Properties’ bookings increased by 18% to over Rs 10,000 crore, while bookings in the MMR witnessed a substantial increase of 114%, exceeding Rs 6,500 crore.
Management Commentary
“The scale-up we have accomplished over the last years fills us with great satisfaction. Our annual bookings in FY22 are not as high as the sales bookings of over Rs 9,500 crore in Q4FY24. In FY24, we saw an 84% increase in bookings, totaling more than Rs 22,500 crore. Godrej Properties MD and CEO, Gaurav Pandey, expressed his satisfaction that the company’s sales growth was driven by a strong 31% increase in volume and an improving project mix.”
Future Outlook
Godrej Properties is also optimistic about its future launch pipeline, further strengthened by its recent expansion into the Hyderabad market.