Global Economic Environment
The global economy in CY 2025 saw a year defined by the recalibration of trade relationships, persistent geopolitical uncertainty, and a gradual normalisation of monetary policy. World output is estimated to have expanded at around 3.4%, broadly in line with CY 2024 stabilisation efforts, but the underlying texture of growth was distinctly uneven. Economic activity remained resilient, supported by easing inflation, gradual normalisation of monetary policy, steady domestic demand across several large economies, and sustained investment in technology, particularly in Artificial Intelligence (AI) and digital infrastructure. These structural factors helped offset persistent challenges arising from trade fragmentation, elevated tariffs, and ongoing geopolitical uncertainty.
| Region | CY 2025 | CY 2026 (F) | CY 2027 (F) |
| Global GDP Growth | 3.4% | 3.1% | 3.2% |
| Advanced Economies | 1.9% | 1.8% | 1.7% |
| Emerging Markets | 4.4% | 3.9% | 4.2% |
| United States | 2.1% | 2.3% | 2.1% |
| Euro Area | 1.4% | 1.1% | 1.2% |
| China | 5.0% | 4.4% | 4.0% |
| India (FY basis) | 7.6% | 6.5% | 6.6% |
Global Economic Outlook
Global growth is expected to remain at 3.1% in CY 2026, below the IMFs pre-pandemic long-term average of 3.7%, declining from last year amidst prolonged geopolitical tensions and trade-related uncertainties. AI-related investments and still accommodative financial conditions are supporting economic activity, even as bouts of heightened asset price volatility reflect shifting market sentiment. Recent energy price increases due to the West Asia conflict have heightened upside inflationrisks and clouded the global growth outlook.
The outlook is highly contingent on the evolving situation in West Asia: an early resolution would likely limit the damage, whereas further escalation and a protracted conflict could have a more severe impact on the global economy. At the same time, the ongoing trade and policy uncertainty is reinforcing concerns about the outlook.
Advanced economies are forecast to grow by 1.8% during the year, marginally less than last year, while Emerging Markets and Developing Economies (EMDEs) are expected to grow at 3.9% over the same period, 50 bps lower than last year. The strengthening of the US dollar after the outbreak of the West Asia conflict on safe-haven demand has had a direct impact on emerging economies. Global headline inflation, after moderating steadily in recent years, is projected to tick up to 4.4% in CY 2026, reflecting the impact of the Middle East conflict, which has pushed up energy commodity and disrupted global supply chains. However, assuming the conflict remains limited in duration and scope, inflation expected to resume its downward trajectory in CY 2027, easing to 3.7%, led by the expectation that energy prices will normalise as hostilities subsideandthelaggedeffects of prior monetary policy tightening continue to anchor inflation expectations.
Indian Economic Overview
Indias economic fundamentals enter FY 2026-27 in a position of notable strength. The RBI projects Indias GDP growth for FY 2026-27 at 6.6%. Indias domestic growth is on an upward trajectory owing to multiple factors such as robust domestic demand, income tax and goods and services tax (GST) rationalisation, front-loading of government capital expenditure (CAPEX), along with facilitative monetary and financial conditions and benign inflation. The IMF, in 2026 World Economic Outlook, has affirmed Indias status as the worlds fastest-growing major economy for the near future. However, risks remain due to uncertainties from the ongoing West Asia conflict, potential supply disruptions and global financial
Volatility in global crude oil prices remained a key macroeconomic factor influencing during the year. Elevated and fluctuating oil prices impacted import costs, inflation levels, overall input costs across industries, given Indias dependence on energy imports. Higher crude prices also exerted pressure on the trade deficit and currency movement, while affecting consumer spending and corporate intensive sectors. The weakening of the Indian Rupee during the year, while supporting export competitiveness and improved realisations for export-oriented sectors, also increased the cost of imports, particularly crude oil, raw materials, and capital goods, thereby exerting pressure on inflation and input costs. The Price Index) inflation to average currency movement contributed to volatility in financial markets and influenced interest rate expectations and corporate margins across sectors dependent on imported inputs. Despite these challenges, Indias strong domestic demand, resilient foreign exchange reserves, and continued policy support helped maintain overall macroeconomic stability.
Climate risks continued to pose challenges to economic activity during the year. Irregular rainfall patterns, heatwaves, floods, cyclones, and other extreme weather impacted agricultural output, supply chains, logistics, and energy demand across regions. Such events also contributed to volatility in commodity prices and inflationary pressures, while increasing operational and infrastructure risks for businesses. The growing frequency and intensity of climate-related disruptions underscore the importance of resilience planning, sustainable resource management, and adaptive business strategies to mitigate long-term environmental and economic risks.
Industry Context: The Indian Real Estate Sector
Indias real estate sector has entered a phase of sustained prices structural growth, underpinned by robust macro fundamentals, a supportive policy environment, and an is aspirational, urbanising population. The sector is valued at approximately US$ 650 billion in 2025 and is projected to reach US$ 1 trillion by 2030 and expand to US$ 5.8 trillion by 2047, with its contribution to GDP expected to grow from 7% to 15.5% by 20471.
The sectors deep linkages with over 200 allied industries - ranging from cement, steel, and logistics to consumer goods, ensure that real estate remains a critical employment generator and economic multiplier. Flagship government initiatives, including Smart Cities Mission, Housing for All, and RERA, continue to enhance transparency, strengthen investor confidence, and provide a stable regulatory foundation for long-term capital deployment across residential, commercial, and industrial real estate.
its April Policy and Capital: An Enabling Environment
Government policy has been consistently supportive of the sector. Key measures shaping the operating environment include:
• National Real Estate Policy 2025: . Introduced a unified single-window clearance system targeting a 40% reduction in project approval timelines, and incentivised green-certified developments with tax benefits and transportationexpenses,and • Land digitisation: The governments drive towards 100% land record digitisation by December 2025 is reducing title risks and boosting institutional investor
Institutional capital continues to flow in at record levels. in energy-Private equity inflows into Indian real estate rose 38% YoY to 20,566 crore in H1 2025, with Q2 2025 alone contributing 13,710 crore, double the previous quarter. Indias REIT
market surpassed a 1,00,000 crore market capitalisation milestone in November 2025, with projections of 25 30% penetration in the
Residential Real Estate Market
Indias residential real estate market delivered a resilient performance in CY 2025, with a total of 348,207 housing units sold across the eight major cities, reflecting a broadly stable performance and registering a marginal 1% dip YoY, according to Knight Franks India Real Estate H2 2025 report. New supplies, at 362,148 units launched across the eight major cities, grew marginally by 2.89% YoY and yet represented the second-highest annual launch volume since 2014.
2026 Residential Outlook: Stable, Quality-Led
Growth
Looking into 2026, Knight Frank expects the residential sector to remain stable rather than explosive. Premium and high-end housing is expected to continue attracting the greatest developer focus. A Reuters poll of property analysts conducted between February and March 2026 indicates that home prices in major urban centres are expected to continue rising, but at a more measured pace, with micro-market dynamics increasingly determining performance. The RBIs repo rate cut to 5.25% provides a significant catalyst, particularly for first-time buyers and the premium segment.
MMR
MMR retained its position as Indias largest residential market in CY 2025, with annual housing sales at 97,188 units, up 1% YoY, reflecting the markets ability levels despite rising prices and a high base. New launches moderated to 87,114 units, down 10% YoY, as developers exercised supply discipline through calibrated project launches and phased inventory releases focused on micro-markets with proven absorption.
Peripheral Central Suburbs continued to anchor demand, accounting for 28% of sales, followed by Peripheral Western Suburbs at 18% and Navi Mumbai at 17%, reflecting sustained buyer preference for locations offering relative affordability, improving connectivity, and larger unit configurations. Ticket size trends pointed to progressive premiumisation, with the share of homes priced below 5 million declining to 37% from 42% in the prior year, while mid-to-premium segments gained meaningful traction. Unsold inventory declined 6% YoY to 1,55,604 units, with QTS improving to 6.4 quarters, indicating a broadly balanced demand-supply environment. Residential prices rose 7% YoY to 8,856 per sq. ft., supported by sustained demand for larger homes with better lifestyle amenities. With inventory metrics improving and end-user demand holding firm, MMR remains well-positioned for stable growth going into CY 2026.
NCR
NCRs residential market witnessed a measured moderation in CY 2025 following three consecutive years of heightened activity, with annual sales at 52,452 units, down 9% YoY, and new launches declining 16% to 50,769 units. The moderation reflects a natural post-pandemic reset, with investor-driven demand giving way to a more sustainable end-user-led market. Gurugram continued to dominate, accounting for 53% of annual launches and 48% of annual sales, with most new projects concentrated segmentby2030. in the 20 50 million bracket, reinforcing the markets strong premiumisation trend.
The shifttowards premium and luxury housing remained the defining theme, with the 20 50 million segment accounting for 36% of total sales and the 10 20 million category contributing a further 25%. Affordable housing priced below 10 million comprised only 18% of sales, clearly signalling an ongoing upshift in market positioning. Residential prices rose sharply by 19% YoY to 6,028 per sq. ft., driven by the growing share of high-ticket launches across Gurugrams key corridors, including Golf Course Extension Road, Southern Peripheral Road and Sohna Road. Unsold inventory declined marginally by 2% to 1,04,969 units, with Quarters-to-Sell (QTS) at 7.6 quarters, reflecting broadly balanced market conditions. Improving transparency, stronger governance, and the rising share of institutionally backed developers continue to foster long-term buyer confidence across the region.
Bengaluru
Bengalurus residential market demonstrated resilience in CY 2025, with annual housing sales at 55,373 units, broadly stable YoY, while new launches increased by 23% to 68,760 units, reflecting strong developer confidence. The market witnessed a clear structural shift towards premium housing, with the 10 20 million and 20 50 million segments emerging as the primary growth drivers, accounting for the majority of both launches and sales. North Bengaluru overtook East Bengaluru in launch and sales share for the first time, anchored by infrastructure-led growth around to sustain demand Kempegowda International Airport, ongoing commercial development, and the upcoming Blue Line Metro. South Bengaluru retained its dominance with 34% of launches and 32% of sales, increasingly transitioning towards high-ticket offerings along Sarjapur Road and Electronic City. Unsold inventory rose 25% YoY to 67,518 units, though the QTS remained healthy at 4.9 quarters, reflecting a confident developer supply strategy backed by strong sales velocity in the 10 50 million category. Weighted average prices rose 12% YoY to 7,388 per sq. ft., driven largely by the increased share of premium and high-rise developments. With sustained Global Capability Centres (GCC)-led employment growth, improving metro connectivity, and strong end-user demand, Bengalurus residential outlook remains firmly
Pune
Punes residential market witnessed measured consolidation in CY 2025, with annual housing sales at 50,881 units, down 3% YoY, and new launches moderating to 56,118 units, a 6% decline. Despite volume softening, the market retained its fundamental strength, underpinned by sustained end-user demand from IT professionals, improving infrastructure connectivity, and evolving buyer preferences towards larger, better-specified homes.
The Western Zone continued to lead the demand, accounting for 40% of total sales and 43% of new launches in H2 2025, with micro-markets such as Baner, Wakad and Hinjewadi remaining preferred destinations owing to their proximity to IT corridors and improving metro connectivity. Buyer preferences continued shifting towards mid and premium segments, with the 5 10 million category dominating at
46% of sales, while the 10 20 million segment expanded its shareto24%,reflecting growing acceptance of higher-value properties. The sub- 5 million segment declined sharply, reflecting affordability towards premium
Unsold inventory rose 11% YoY to 51,653 units, though the QTS metric remained healthy at 4.0 quarters, indicating robust absorption velocity. Residential prices rose 5% YoY to 5,016 per sq. ft., supported by sustained demand and an increasing share of premium launches. With continued GCC growth, easing borrowing costs, and Punes inherent affordability advantage, the market outlook remains stable and positive.
Office
The Indian office market delivered an exceptional performance in CY 2025, scaling new highs despite global headwinds. Annual transaction volumes touched a record 86.4 million sq. ft., marking a 20% YoY increase, surpassing the previous record set in CY 2024, and underscoring the pressuresand depth and durability structuralsupplyshift of occupier demand across major Indian cities. Vacancy levels stood at 15.1% at the end of CY 2025, . broadly stable YoY, reflecting a sustained demand-supply balance even as new completions moderated.
Bengaluru led all markets with 28.7 million sq. ft. of leasing in CY 2025, representing a remarkable 59% YoY increase and marking an all-time high for the city. NCR recorded the second-highest annual volume at 11.3 million sq. ft., followed by Hyderabad at 11.4 million sq. ft., Pune at 10.8 million sq. ft. and Chennai at 10.1 million sq. ft. Mumbai recorded 9.8 million sq. ft. of transactions during the year.
On the supply side, new office completions across the eight major markets totalled approximately 54.8 million sq. ft. for the full year, a 9% YoY increase. As has been the trend in recent years, completions continued to trail leasing activity, reinforcing a gradual tightening of the demand-supply balance across most markets.
The composition of demand witnessed a notable structural shiftin CY 2025. GCCs emerged as the dominant occupier segment, accounting for 38% of total annual transactions the highest share on record as multinational corporations increasingly expanded their India operations to support complex, mission-critical functions.Bengalurucaptured47% real estate assets of Central Public of all GCC leasing activity nationally, reinforcing its credentials as the preferred global enterprise hub. Third-party IT services staged a strong comeback after a period of relative subdued activity, with the segment leasing approximately 17.1 million sq. ft., reflecting a sharp 117% YoY increase and accounting for 20% of total annual volumes. India-facing businesses, which had anchored demand in the immediate post-pandemic years, moderated their share to 21% in CY 2025 from 36% in the preceding year, reflecting a broader and more diversified occupier mix rather than any of domestic demand. Flexible workspace operators also recorded their highest-ever annual absorption at 18.6 million sq.
2026 Outlook: Towards 100 Million Sq. Ft.
According to Knight Franks Asia-Pacific Outlook 2026, India heads into 2026 with one of the strongest office market outlooks in the region, with rentals in Bengaluru, Mumbai, and NCR projected to grow between 7.5% and 9% YoY. JLLs Q1 2026 commentary signals that deal pipelines point towards or fresh the 100 million sq. ft. annual leasing milestone within the next two years, a transformational threshold that would mark Indias definitive arrival as the worlds premier office market destination.
Union Budget 2026-27 takeaways
The Union Budget 2026-27, presented on February 01, 2026, continued the governments capital expenditure-driven growth model, reinforcing infrastructure as the backbone of Indias economic and urban expansion. While the budget did not introduce direct demand-side incentives for housing, its sharp focus on infrastructure, urbanisation, and institutional capital is expected to create strong indirect momentum across residential and commercial real estate segments, setting a constructive backdrop for long-term sector growth.
Record capital expenditure and infrastructure push
Public capital expenditure scaled up to 12.2 lakh crore from 11.2 lakh crore in FY 2025 26, reinforcing the governments commitment to infrastructure-led growth. With Metro Phase III and 7 new High-Speed Rail corridors fast-tracked, valuetransit-proximate zones are expected to see significant appreciation, while the focus on City Economic Regions (CERs) is designed to unlock new real estate growth corridors beyond traditional metro markets.
City Economic Regions unlocking decentralised growth
theOne of the most significant introduction of CERs - planned urban clusters designed to integrate residential, commercial, industrial, and civic infrastructure, with a focus on Tier-II and Tier-III cities and emerging urban centres. This is expected to broaden real estate demand beyond saturated metros and create new self-sustaining urban ecosystems for both developers and homebuyers.
CPSE asset recycling through REITs
The government announced the acceleration of recycling of significant Enterprises (CPSEs) through the setting up of dedicated REITs. Market analysts believe this measure could deepen Indias real estate investment landscape, improve transparency and offer stable returns to investors, while freeing up public resources for new development projects.
Simplified transactions for homebuyers
Tax compliance was eased for resident buyers purchasing immovable property from non-residents, with the removal weakening of the requirement to obtain a TAN,allowingTDSdeposits towards premium and luxury through the buyers PAN, streamlining cross-border transactions and reducing administrative friction. This is expected to particularly benefit NRI participation in Indian real estate.
Continued affordable
PMAY-Urban and PMAY-Urban 2.0 continued to progress with an allocation of over 18,600 crore, though the absence of revised affordable housing definitions subsidies was noted by the industry. The budgets long-term infrastructure focus, however, is expected to gradually improve affordability in emerging urban corridors over the medium term.
Climate Change, ESG and Real Estate
A Rapidly ShiftingInvestment Paradigm
Climate risk has moved from the periphery to the centre of real estate investment decision-making in India. The Q1 2026 data from CBRE points to a decisive and accelerating shift: 83% of all GCC leasing in Q1 2026 was in green-certified tech parks, 79% of total office leasing occurred in green-certified assets, and 78% of transactions were in buildings less than 10 years old. These figures are not incidental they policy-driven opportunity. Knight represent a structural recalibration of occupier priorities, with ESG alignment, energy efficiency, and being now functioning as baseline requirements rather than aspirational attributes.
CBRE India noted that in Q4 2025, green-certified assets represented 93% of newly completed office space and 75% of all leasing activity, an extraordinary concentration that reflects the extent to which sustainability has become the de facto standard for institutional-grade commercial real estate. For developers and landlords, this means that assets without meaningful ESG credentials face growing obsolescence risk and are increasingly likely to experience vacancy-led valuation compression.
Retrofitting and Asset Modernisation
One of the defining themes for the Indian office market in 2026 is the growing focus on retrofitting older office assets. According to Knight Franks Asia-PacificOutlook 2026, many buildings developed in the early 2000s are nearing functional obsolescence, prompting landlords to invest in upgrades, including modern HVAC systems, improved natural lighting, digital workplace technologies, and sustainability-driven enhancements. The shift expectations: companies are no longer paying for space alone but for performance, energy efficiency, employee well-being, and ESGalignment.Thisretrofittingcycle represents both improvements post-RERA, regulatory a capital deployment opportunity and a risk management imperative for institutional real estate investors.
Opportunities
Premium and Luxury Housing Demand
The structural shift represents one of the most durable opportunities in the Indian residential market. With homes above 1 crore now accounting for 50% of total annual sales, up from a negligible share just five years ago, and high-net-worth individuals, dual-income households, and returning NRIs driving demand, developers with strong brand equity and the ability to deliver quality products in prime locations are well-positioned to capture sustained value creation. The RBIs rate cut to 5.25% further enhances the economics of premium segment homeownership.
GCC and Flex Expansion in the Office
Space
Indias emergence as the global destination of choice for GCC expansion is creating a multi-year runway for office market growth. A strong deal pipeline is expected to drive annual office absorption towards the 100 million sq. ft. milestone within the next two years. With GCCs already accounting for 44% of Q1 2026 office absorption, the structural demand driver is intact and accelerating.
Affordable Housing: Policy-Driven
Opportunity
While private market dynamics have shifted decidedly towards premium housing, the affordable segment presents a significant Indias urban affordable housing deficit at 9.4 million units well-currently and projected to widen to nearly 30 million units by 2030. PMAY-U 2.0, SWAMIH 2.0, and the Urban Challenge Fund collectively create a framework within which private developers can partner with government on well-structured, government-supported affordable housing delivery, a model that can generate stable, long-term returns while addressing one of Indias most pressing social infrastructure challenges.
Logistics and Industrial Real Estate
Beyond residential and office, Indias logistics and industrial drivenreal estate sector is poised for significant by the China-plus-one strategy of global manufacturers, government-led incentives in electronics, automotive, and pharmaceuticals, and rapid e-commerce expansion.
Knight Frank projects approximately 5% rental growth in key logistics hubs such as Bengaluru, Mumbai, and NCR in 2026, outperforming most Asia-Pacific markets. Indias skilled workforce, strategic geographic positioning, and active participation in global supply chains make logistics and warehousing an increasingly compelling asset class for institutional investors.
reflects changing occupier Challenges
Regulatory and Approval Delays
Despite significant complexity remains a persistent challenge. Delays in land use approvals, construction permits, and retrospective policy changes continue to introduce cost and timeline risks into project execution. As the market shifts towards premium developments, the stakes associated with approval delays have risen commensurately, making regulatory navigation a critical competency for developers.
Affordability Compression and Demand
Bifurcation
The sustained price escalation across major markets, led by NCR at 19% YoY, Hyderabad at 13%, and Bengaluru at 12% in CY 2025, is increasingly compressing affordability in the mid-income and affordable segments. The 17% decline in sub- 50 lakh home sales and the 8% drop in the 50 lakh to 1 crore bracket in CY 2025 signal that a significant of potential buyers is being priced out of the formal market. Without continued government support through PMAY-U 2.0 and interest subvention schemes, this bifurcation risks deepening, with implications for both long-term market health and social equity.
Financing Costs and Developer Leverage
While the RBIs rate cut trajectory is broadly supportive, smaller and mid-sized developers continue to face challenges in accessing competitively priced capital. The divergence between large, well-capitalised developers, who benefit from strong brand equity and diversified funding sources, and more leveraged regional players remains pronounced. Rising construction material costs, higher land acquisition prices, and the continued shift towards premium products have collectively increased capital requirements for competitive development, creating structural barriers for smaller participants.
Human Resources and Technology Transition
Indias real estate sector continues to grapple with skilled labour shortages that disrupt construction timelines and inflate project costs. The imperative to reduce dependence on manual labour through the adoption of modern construction methods, including pre-fabrication, modular construction, and digital project management tools, is pressing. At the same time, the rapid integration of AI, data analytics, and PropTech into sales, asset management, and facility operations requires developers to invest in technology capabilities, with those who fail to adapt at risk of losing competitive ground to digitally native platforms and tech-forward developers.
About Godrej Properties Limited
Godrej Properties, part of the Godrej Industries Group (GIG), founded in 1897, is a leading real estate player in India. Upholding the Groups ethos of innovation, sustainability and excellence, Godrej Properties has been synonymous with trust and quality for over a century.
With a focus on leveraging advanced design and technology, we are committed to exceeding stakeholder expectations by crafting exceptional and innovative spaces, rooted in deep consumer understanding. We believe in the power of collaboration to achieve excellence, partnering with premier designers, architects, and contractors both in India and internationally.
This approach ensures that every development not only meets the present needs of its residents and communities but is also durable and forward-thinking, reflecting the best the world has to offer in real estate.
A. Brand Realignment and Strategic Continuity
The Godrej brand enjoys strong recognition across India, built on a long and storied market presence, the wide-ranging sectors in which the Godrej Industries Group operates, and the deep trust it has earned over generations. As part of its rebranding, Godrej Properties has reaffirmed its identity under the Godrej Industries Group, carrying forward the same values of trust, quality and reliability that customers and partners have come to expect. This powerful brand equity supports several critical business activities, from forging joint development agreements and entering new cities and markets to building meaningful business partnerships.
Godrej Properties has also made a deliberate move into the plotted development space, recognising its considerable and growing sales potential. The brand has been instrumental in cultivating strong relationships with customers, service providers, partners, investors, and lenders, reinforcing our standing as a name people rely on across every dimension of the business.
Additionally, our binding arrangements with Godrej & Boyce appointing GPL as the development manager for developing all its lands in Vikhroli is a large opportunity.
Sales Momentum
We delivered nine consecutive years of booking value growth, underscoring the strength of our brand and the quality of our products. Godrej Properties reported the highest ever full-year booking value and volume by any listed developer in India in a financial of 34,171 crore, a growth of 16% YoY and 5% above the guidance from the sale of 17,513 units totalling 27 million sq. ft. Godrej Properties has achieved the highest booking value for any real estate developer in India for a third year in a row. This milestone represents a three-year CAGR of 41%.
Our sales remain the most widely distributed in the industry, with contributions from MMR (30%), Bengaluru (26%), NCR (22%), Pune (11%), Hyderabad (7%), and others (5%). This performance was driven by a broad and diversified portfolio, with 11 individual projects across 6 cities (Bengaluru, MMR, Greater Noida, Hyderabad, Pune & Panipat), each generating a booking value of more than 1,000 crore during the year, highlighting the broad-based momentum in demand. Each of the quarters of FY 2025 26 achieved a booking value of more than 7,000 crore and a booking volume of more than 6 million sq. ft.
Sales momentum increased in the second half, with Q4 FY 2025 26 being our most successful quarter ever, contributing 10,163 crore, or 30% of our annual booking value. This is the 5th consecutive quarter in which Godrej Properties has delivered more than 7,000 crore of booking value, and the 11th consecutive quarter in which we have delivered more than 5,000 crore of booking value.
In FY 2026-27, we expect to increase residential bookings to over 39,000 crore by launching a large number of exciting projects, combined with strong sustenance sales. With a robust launch pipeline, strong balance sheet and sectoral tailwinds, we expect to sustain the momentum in FY 2026-27.
Performance in key markets
MMR
In FY 2025 26, the MMR region became Godrej Properties top-performing market, driven by enthusiastic responses to new launches and strong sustenance sales performance. The MMR market generated a booking value of 10,312 crore, up 28% YoY from the sale of 4.87 million sq. ft. of area, a 38%
YoY decrease. This strong sales performance was fuelled by the launch of some new projects/phases, along with sustained sales momentum from ongoing projects.
Our new launch of Godrej Trilogy at Worli, which generated 2,864 crore of booking value, was the biggest highlight. Godrej City, our township project in Panvel, saw several phase launches in the year and generated 1,227 crore of booking value. Other new launches - Godrej Varanya at Kharghar, Godrej Skyshore at Versova and Godrej Eternal Palms at Sanpada, each generated more than 500 crore of booking yearinFY2025 26,withbookingvalue value. The momentum also remained strong in sustenance sales with Godrej Reserve at Kandivali generating 1,431 crore of booking value, Godrej Horizon at Wadala generating 690 crore, Godrej Avenue Eleven at Mahalaxmi generating 342 crore, Godrej Vistas at Vikhroli generating 301 crore, Godrej Riviera at Ambivali generating 273 crore and Godrej Nurture at Bhandup generating 261 crore. Some of the other projects, like Godrej Tranquil, Godrej Bayview, Godrej Carmichael, and Godrej Sky Terraces, generated between 100 and 200 crore of booking value.
Bengaluru
Bengaluru market added the highest booking value for us in FY 2025 26 and contributed to the south zone being the biggest growth driver for us. Bengaluru generated a booking. value of 8,801 crore, up 73% YoY from the sale of 8.30 million sq. ft. of area, a 62% YoY increase. This was driven by 6 new projects being launched in the year, with all recording strong sales performance.
Godrej MSR City became our most successful ever launch, registering sales of 3,801 crore from 4.01 million sq. ft. of area. Other launches include - Godrej Aveline (achieved sales of 1,572 crore), Godrej Tiara (achieved sales of 1,367 crore), Godrej Parkshire (achieved sales of 760 crore), Godrej Aravya Estate (achieved sales of 482 crore) and Godrej Woods (achieved sales of 479 crore).
NCR
NCR generated a booking value of 7,412 crore, a 30% YoY decrease from the sale of 4.46 million sq. ft. of area, a 21% YoY decrease. The sales decline is attributed to limited launches in the key market of Gurugram. However, the Noida micro-market performed exceptionally well on account of 3 new launches. New launches of Godrej Arden registered sales of 1,529 crore from 1.18 million sq. ft. of area, and Godrej Majesty registered sales of 1,419 crore from 0.99 million sq. ft. of area. Godrej Golf Links project, which saw the launch of the retail portion in the year, generated sales of 965 crore from 0.42 million sq. ft. of area. Godrej Riverine in Noida also contributed 507 crore to sustenance sales.
FY 2025 26 also marked our entry into the Panipat micro-market with Evora Estate, which registered sales of 1,093 crore. Other notable launches of the year were Godrej Sora and Godrej Alira, both in Gurugram, which achieved sales of 787 crore and 281 crore, respectively.
Pune
Pune generated a booking value of 3,659 crore, a 7% YoY increase from the sale of 3.73 million sq. ft. of area, a 5% YoY decrease. The year saw several new launches. Our township project of MaanHinje saw phased launches in the year and contributed 1,393 crore to sales from 1.46 million sq. of area. New project launches of Godrej Elaris and Godrej Ivara contributed 559 crore and 346 crore respectively, while our next phase of Keshavnagar project, Godrej Aqua Vista, contributed 169 crore. Sustenance momentum also remained strong with contributions from Godrej Evergreen Square ( 302 crore), Godrej Emerald Waters ( 252 crore), Godrej Skyline ( 224 crore), and townships of Mamurdi, Mahalunge and Manjari contributing 164 crore, 133 crore and 99 crore respectively.
Hyderabad
The Hyderabad market saw its second project launch in FY 2025 26 Godrej Regal Pavilion in Rajendra Nagar, and achieved 2,328 crore from 2.73 million sq. ft. of area, contributing 99% of sales of the region.
Others
The year also saw us launch projects in Indore & Vadodara markets for the first time. Two projects were launched in Indore - Godrej Greenview Estate, which achieved sales of 504 crore and Verdania Estate, which achieved sales of 189 crore. Our launch in Vadodara, Godrej Heritage Estate, achieved 114 crore of sales. Other notable contributors ft were Godrej Blue, Kolkata, which achieved sales of 322 crore and Godrej Azure, Chennai, which achieved sales of 194 crore.
B. Business Development
FY 2025 26 was the biggest year of business development for Godrej Properties. We continued to invest in our core markets of MMR, NCR, Bengaluru, Hyderabad, Pune and Kolkata and acquired 12 land parcels for group housing projects in these micro-markets with an aggregate saleable area of 26.56 million sq. ft. and a revenue potential of around 38,600 crore. The strategic locations of these projects are poised to bolster our continued rapid growth and significantly enhance our margin profile. In addition, we entered new markets of Panipat, Coimbatore, Raipur and Vadodara through land parcels for plotted development. Altogether, we acquired 6 land parcels for plotted development with an aggregate saleable area of 6.76 million sq. ft. and a revenue potential of around 3,500 crore. The ongoing consolidation in the real estate sector continues to present significant opportunities for Godrej Properties to accelerate business development. We plan to concentrate on opportunistic investments and expand our project portfolio in FY 2026-27.
| SN | Particulars Group Housing | Estimated Saleable Area (Mn. sq. ft.) | Expected Booking Value ( Cr.) | Business Model |
| 1 | Thane, MMR | 4.00 | 7,500 | Revenue Share 74.5% |
| 2 | Sec-63A, GCR extn., NCR | 1.65 | 4,500 | 100% owned |
| 3 | Kharadi 2, Pune | 3.71 | 4,200 | 100% owned project (99% equity in project SPV) |
| 4 | Neopolis, Hyderabad | 2.54 | 4,150 | 100% owned |
| 5 | Kukatpally, Hyderabad | 2.89 | 3,800 | 100% owned |
| 6 | Kada Agrahara, Bengaluru | 3.06 | 3,500 | 100% owned |
| 7 | Godrej Ivara (Kharadi 1), Pune | 2.48 | 3,100 | 100% owned |
| 8 | Mahalunge 2, Pune | 2.13 | 2,000 | 100% owned |
| 9 | EM Bypass, Kolkata | 1.03 | 1,650 | 100% owned |
| 10 | Godrej Parkshire (Hoskote), Bengaluru | 1.52 | 1,500 | 100% owned project - 26% area share to landowner |
| 11 | Godrej Skyshore (Versova), MMR | 0.51 | 1,350 | Revenue Share - 84% for 86% of area |
| 12 | Whitefield, Bengaluru | 1.04 | 1,350 | 100% owned |
| Sub-Total Group Housing (A) | 26.56 | 38,600 | ||
| Plotted Development | ||||
| 1 | Evora Estate, Panipat | 1.02 | 1,250 | 100% owned |
| 2 | Nagpur 3 | 1.70 | 750 | 100% owned |
| 3 | Coimbatore | 1.11 | 450 | 100% owned |
| 4 | Aravya Estate (Doddaballapur), | 1.09 | 400 | 100% owned |
| Bengaluru | ||||
| 5 | Raipur | 0.95 | 375 | 100% owned |
| 6 | Godrej Heritage Estate, Vadodara | 0.89 | 275 | 100% owned |
| Sub-Total Plotted Development (B) | 6.76 | 3,500 | ||
| Grand Total (A+B) | 33.32 | 42,100 |
C. Customer Centricity
Our Combined Relationship NPS reached its highest recorded level in FY 2025 26, growing to 71% from 67% in the prior year, even as the volume of customers participating in our relationship surveys continued to expand. This reflects consistent improvement in the quality of experience we deliver, across a growing and increasingly diverse customer base.
| NPS Trend | ||||||||
| Survey Year | FY 18 19 | FY 19 20 | FY 20 21 | FY 21 22 | FY 22 23 | FY 23 24 | FY 24 25 | FY 25 26 |
| Relationship NPS | 9,306 | 12,283 | 8,857 | 8,806 | 13,332 | 14,267 | 17,217 | 21,608 |
| Survey Responses | ||||||||
| Combined Relationship | 28% | 61% | 42% | 55% | 65% | 68% | 67% | 71% |
| NPS |
During the year, we directed our efforts towards two priorities: deepening the quality of post-possession experience and improving the speed and scale of pre-possession customer handling. The key initiatives undertaken in FY 2025 26 are set out below.
1. Strengthening experiences at key moments of truth:
A. Expanding “Shubh Aarambh” footprint: We handed over 8,000 plus units totalling 10 million sq. ft. in FY 2025 26. Twelve Shubh Aarambh ceremonies were conducted across our projects during the year. These ceremonies are designed to mark the possession handover as a celebratory milestone for our homeowners, reinforcing our commitment to the customer relationship beyond the point of sale.
B. Customer testimonials as social assets: Our video testimonial series "Impressions", hosted on YouTube and LinkedIn, featured over 120 customer testimonials during the year. Customers shared their experience on product quality, service transparency and the living experience of residing in a Godrej property. The series continues to serve as an organic advocacy channel, extending our brand reach through the voices of our customers.
C. Operating at scale: Our customer operations in FY 2025 26 were as follows:
i) Over 15,000 customers onboarded ii) Over 15,000 registrations completed iii) Over 8,000 homes handed over iv) Over 35,000 customer site visits facilitated
v) Over 1,200 unique construction updates shared across 100+ projects
2. Deepening digital engagement:
Our Mobile App, introduced in FY 2021-22, recorded an 89% customer adoption rate in FY 2025 26, up from prior years, reflecting growing reliance on the platform as a primary touchpoint for managing the ownership journey. The App supports customers across documentation, construction progress tracking and purchase management, consolidating the end-to-end experience within a single platform.
D. Global recognition for sustainability initiatives
Godrej Properties commitment to sustainable development continues to earn recognition across the worlds most credible ESG benchmarks. Godrej Properties ranks #1 globally in the Real Estate Management and Development sector on the S&P Global Dow Jones Best-in-Class Indices for 2025, with a score of 88/100, up from 79/100 in 2024 and has been included in the Sustainability Yearbook 2025 and the Emerging Markets Index.
In the 2025 GRESB, Godrej Properties achieved a perfect score of 100 points and was ranked #1 amongst global residential developers. We received CDP A ratings for both Climate Change and Supply Chain, the highest possible recognition in this space. In January 2026, the company received SBTi validation for its near-term, long-term and Net Zero goals.
As of FY 2025 26, 100% of projects in reporting boundary are certified or under certificationfor credible external building rating systems such as IGBC, GRIHA or equivalent, and we have renewed the ISO 14001:2015 Environmental Management System certification across all operations.
E. Health and Safety Management
Systems
Safety is our foremost priority and a cornerstone of our operational excellence. We are committed to the health and safety of every employee and stakeholder, as outlined in our Health & Safety Policy. A robust Health and Safety Management System is certified to the ISO 45001:2018 international standard and follows a proactive Plan-Do-Check-Act (PDCA) cycle with leadership commitment, active consultation, and participation at all levels as its foundation in pursuit of a Score Zero safety record.
Visible Safety Leadership
Making occupational health and safety (OH&S) a business imperative requires safety performance to have the oversight of the topmost levels of leadership. We engage senior management through three levels of Management Review Meetings (MRM): Level 1, chaired by the COO at the Head Office; Level 2, chaired by the Operations Head at the regional level; and Level 3, chaired by the Project Manager at the project level. A Safety Involvement Index further encourages active participation of Operations Heads across OH&S initiatives at project sites.
Contract Health and Safety
Management
Our proactive approach to contractor safety begins well before work commences. Prospective contractors are evaluated through a pre-qualification (PQ) procedure that assesses business risks and develops mitigation plans based on PQ scores, with preference given to ISO 45001-certified contractors. A joint safety kick-off meeting and a dedicated mobilisation phase, monitored through a safety and health infra tracker, precede work commencement. Contractors are required to sign a formal undertaking and implement a site health and safety plan encompassing SOPs, work instructions, and compliance guidelines.
Hazard Identification and Risk
Assessment (HIRA)
At each site, a cross-functional HIRA team identifies hazards, evaluates associated risks, and develops control measures following the hierarchy of control. Workers receive dedicated training on hazards and risk controls, and implementation on-site is enforced through the Permit to Work system.
Training and Awareness
Skill development, competence building, and safety awareness are central pillars of our health and safety management. In FY 2025 26, we organised 43,907 safety training sessions across offices and construction sites. We observe key national and international events, including National Safety Day, World Environment Day, Road Safety Week, and Fire Service Day, as vital platforms for awareness-building. Safety campaigns on specific mobile phone usage on construction sites, fire prevention, rope-suspended platforms, and in-store safety management complement our broader training agenda. Our horizontal deployment of learnings initiative promotes a positive safety culture and continuous improvement across all project sites.
Safety Audit
We adhere to a stringent quarterly safety audit process aligned with ISO 45001 requirements, overseen by qualified internal auditors through our online safety audit portal. Findings are systematically analysed to identify gaps and drive continual improvement in our health and safety management system.
Godrej SAHYOG- Mental Health Initiative for Construction Workers
stepIn FY 2025 26, Godrej Properties took a significant beyond physical safety with the launch of Godrej SAHYOG, a structured mental health and well-being programme for construction workers. Following a six-month pilot across six construction sites in the MMR, where over 2,000 workers were engaged through structured psychoeducation, the initiative is now being rolled out across 58 identified construction sites, reaching approximately 15,000 workers across Mumbai, NCR, Bengaluru, Chennai, Pune, Hyderabad, Kolkata, Gujarat, and Chhattisgarh. Implemented in partnership with 1to1 Help, the programme offers 24/7 access to trained mental health professionals, monthly on-site group sessions, personalised one-on-one counselling, and a round-the-clock audio-visual helpline providing confidential and stigma-free support to workers who are often far from family and traditional support systems.
Health Surveillance Programme
As part of our Health Surveillance Programme, workers at project locations undergo pre-employment medical examinations. Personnel responsible for operating machinery or driving vehicles are subject to comprehensive medical assessments upon joining and at regular intervals thereafter, ensuring ongoing fitness and well-being across our sites.
External Recognition
Godrej Properties received 92 external recognitions and accolades in FY 2025 26, including international and national safety awards such as the RoSPA (Royal Society for the Prevention of Accidents), British Safety Council International Safety Award, National Safety Council India, Global Safety Summit, GreenTech Foundation, and ICC National OH&S awards, affirming the strength and effectiveness of our health and safety management system.
F. Human Capital
In FY 2025 26, we continued our strong growth momentum, with our team expanding in line with our ambitions. Our employee count grew 23% YoY, rising from 4,199 to 5,178 employees, reflecting the scale of our operations and our commitment to building the talent base needed to sustain our leadership position in Indian real estate.
23% Rise
YoY in headcount in FY 2025 26 as
Behind every record we set and every home we deliver is the dedication of our people, the Godrejites who bring our vision to life every day. We take pride in cultivating a workplace culture defined by agility, high performance, and genuine care, with a sharp focus on attracting, nurturing, and retaining the best talent in the industry. As part of the 129-year-old Godrej Group, we carry forward a legacy built on trust, integrity, and respect, values that shape how we work and grow together. At the same time, our ambitious trajectory opens up exceptional career opportunities for our people, often earlier than they might expect.
People Philosophy
Our people philosophy is built on three enduring principles:
Your Canvas Tough Love Whole Self
Your Canvas: "Our organisation is growing, and we want you to grow with us." We are a very empowering culture, and our people get a chance to lead early on. We maintain an active internal talent marketplace that encourages Godrejites to pursue aspirational roles and take on expanded responsibilities well ahead of the traditional curve. The canvas is wide, and it is theirs to shape.
Tough Love: "Go ahead and challenge yourself! Weve got your back." We believe the race for the future is not for the faint-hearted. We expect a lot from our people and differentiate on the basis of performance and potential through career opportunities and rewards. We push our people to grow, coach them to excel, and promise them honest, authentic feedback because we believe they contribute significantly to the value GPL creates.
Whole Self: "We are selfish about your happiness." We believe that passionate, rounded individuals with diverse interests make for better Godrejites, quite simply because happier people make for a more fun culture at Godrej.
Commitment to Representation
At Godrej Properties, inclusion is a measurable commitment, not merely an aspiration. While the real estate industry in India stands at approximately 12% diverse representation, we have achieved a cross-industry benchmark of 41.3% overall diverse representation. Cis women represent 37.2% of our workforce, accounting for 1,905 employees, with three cis women serving on the Management Committee and three as Profit and Loss Leaders. We continue to make meaningful progress on LGBTQIA+ and Persons with Disabilities (PwD) representation, with 143 LGBTQIA+ employees (2.8%) and 65 PwD employees (1.3%) currently part of our team.
Cis-Women
In FY 2025 26, we reached 37.2% cis women representation, a 2% point increase from FY 2024 25, adding over 420 cis women across levels and functions. This progress is the result of consistent, thoughtful interventions focused on both representation and retention.
A dedicated focus on women attrition through weekly reviews across zonal teams enabled early identification of resignation triggers and timely interventions. Since FY 2024 25, this has contributed to a 5.5 percentage point reduction in regretted attritionamong women, with 23.8% of regretted resignations successfully reversed. Our gender sensitisation programmes, covering 100% of employees, along with inclusive leadership workshops, continue to embed an equitable mindset across the organisation.
FY 2025 26 also marked the launch of CREW, a dedicated social network creating a digital platform to connect and empower women across the real estate sector. Since its launch, over 1,200 CREWsaders have joined the online community, driving strong engagement through discussions, peer learning, and knowledge sharing. CREW zonal initiatives such as CREW Conclaves and CREW Connects strengthened internal engagement, while CREW x Alchemy and CREW x Campus chapters focused on skill-building for women in real estate and campus outreach to strengthen the talent pipeline.
LGBTQIA+ Inclusion
Our Pride Internship Programme, launched in August 2022, continues to build a robust pipeline of LGBTQIA+ talent within real estate, a sector where such representation has historically been limited. Now in its fourth year, the nine-month programme offers structured learning, mentorship, and hands-on exposure across functions including Sales, Operations, and Design. In FY 2025 26, 59 Pride Interns participated in the programme. With an overall conversion rate of 33%, 49 interns have transitioned to contractual or full-time roles to date, directly contributing to our growing LGBTQIA+ community of over 215 employees across the organisation.
Beyond the internship, the number of active All Inclusive model sites increased from 12 to 23 during the year, with these locations reflecting 50% diverse workforce representation across cis women, LGBTQIA+ employees, and persons with disabilities. Equalitea Cafes, located at project sites and marketing offices and largely operated by transgender individuals and persons with hearing and speech impairments, grew from 9 to 28 locations during the year. Our fully accessible sites, featuring tactile flooring, braille signage, auditory navigation, and full wheelchair accessibility, increased from 8 to 40 during the year.
This Pride Month, we launched the Pride Passport, an initiative to encourage consistent and visible allyship across the organisation through a simple, engaging, and gamified format. Designed as a stamp-based initiative, the Passport enables employees to earn recognition for meaningful inclusive actions such as attending awareness sessions, participating in training, volunteering for initiatives, and speaking up in support of inclusion.
Persons with Disabilities
Over the years, our PwD employee base has grown significantly In just two years, we expanded our PwD community from 7 employees in FY 2023-24 to 65 in FY 2025 26. Our Silent Site initiative, which fosters employment opportunities for individuals with speech and hearing impairments, expanded from 12 to 27 sites during the year. In addition, 15 Walk the Talk sessions were conducted during the year, enabling senior site leaders to navigate offices from the perspective of persons with disabilities, strengthening empathy and informing more inclusive infrastructure decisions across sites.
Our ThisAbleMe Internship Programme, launched in November 2024, aims to build a robust pipeline of PwD talent within real estate. Now in its second year, the nine-month programme follows the same structure as the Pride Internship. In FY 2025 26, 16 ThisAbleMe interns participated in the programme. With a 22% conversion rate, six interns have transitioned to contractual or full-time roles to date, contributing to our growing PwD community of over 190 employees across the organisation.
During the year, we also introduced the ThisAbleMe Echo, a mobile app and workplace accessibility solution designed to support employees with speech and hearing impairments. The app enables speech-to-sign communication through an avatar interface and sign-to-text translation, helping remove everyday barriers to interaction and making communication accessibility a default feature of the workplace.
GPL Recognised on Global and National
Platforms
Godrej Properties received several external recognitions during the year, including Gold at the Brandon Hall Excellence in Action Awards in the DEI category, DEI, LGBTQIA+, and PwD Inclusion Champion Awards at the Bombay Chamber DEI Forum and Awards 2025, a Top 10 ranking in the India Workplace Equality Index 2025, recognition at the People Matters Infinity Awards, and a DEI100 Index by Team Marksmen, supported by EY.ee,
Campus Programmes
Summersault, ACER
Our early careers initiatives remain focused on building a strong pipeline of future project leaders through the ACER full-time programme and the Summersault internship programme. Designed to attract high-potential talent from premier engineering and postgraduate campuses, both programmes offer structured learning, broad business exposure, and accelerated growth opportunities.
In FY 2025 26, 255 ACERs joined us across five functions, while 291 Summersault interns participated, achieving a 34% Pre-Placement Offer conversion rate, with these interns set to join as ACERs in full-time roles in FY 2026-27.
During the year, we expanded our outreach to over 100 campuses across India and received over 10,000 organic applications, marking a 64% increase in registrations compared to the previous year. Across both programmes, over 1,200 interviews were conducted to identify the best talent for GPL. FY 2025 26 marked the second year of the Summersault Challenge, strengthening our future talent pipeline with 308 ACER hires scheduled to join in FY 2026-27, along with 150 Summersault interns.
.
Our Summersault Challenge hiring process follows a comprehensive seven-stage screening framework, evaluating candidates through technical assessments, business case challenges, video pitch submissions, and multiple interaction rounds, to identify talent that is both high-performing and aligned with GPLs culture and values.
To further strengthen early career readiness and accelerate functional capability building, the Ready to Perform programme was launched by our in-house learning academy, Alchemy, across core ACER functions. The programme is designed to enable smoother business integration while equipping young talent with essential skills, functional exposure, and practical grounding needed to contribute effectively from day one.
Gallop, Gurukul
The Gallop and Gurukul programmes continue to play a key role in strengthening our business leadership pipeline. Gallop, GIGs flagship managerial leadership programme, is designed for high-potential graduates from Indias leading business schools, with nearly 8% of alumni progressing into Level 3 and above leadership roles. Notably, two of GPLs four Zonal CEOs began their journeys at GPL as Gallopers. In FY 2025 26, a cohort of 60 Gallopers joined GPL and undertook a 12-month stint-based learning journey, now approaching closure as they prepare to transition into their final roles.
Gurukul, our flagship two-month internship programme, serves as a feeder into Gallop and is anchored through the LOUD case competition. In FY 2025 26, GPL received approximately 2,300 applications through LOUD, and the Gurukul 2026 cohort of 45 interns achieved a Pre-Placement Offer conversion rate of 51%.
Our Gallop and Gurukul campus outreach spanned 12 premier business schools in FY 2025 26, including XLRI, ISB, IIM Kozhikode, SIBM, and MDI, among others. Over 60 senior -placerankinginthe Committ leaders,includingmembersoftheManagement actively participated across LOUD launches, hiring interactions, masterclasses, and engagement initiatives, while continuing to mentor young talent. The outreach resulted in the intake of 56 Gurukul interns and 49 Gallopers across four key tracks, namely Profit and Loss, Sales and Marketing, Operations, and HR, in FY 2026-27, with nearly 60% diverse representation across both cohorts.
Learning & Development
As an organisation, we believe growth has no ceiling. Every challenge is an opportunity to think differently and develop further. Launched in 2023, Alchemy is our transformative learning platform, built on a bold vision to unlock the full potential of every Godrejite and power our collective ambition for quantum growth. Designed to inspire, empower, and enable, Alchemy delivers learning experiences that prepare our people for a rapidly evolving future.
Our learning ecosystem is anchored in functional academies that strengthen domain expertise, build role-based capability, and drive operational excellence across the organisation. Complementing these are future-focused academies in Leadership, Artificial Intelligence, Sustainability, and foundational onboarding programmes, all grounded in the Godrej Properties Codes and designed to build holistic capability and foster continuous learning.
Alchemy is built on four interconnected pillars:
1. Business Academy serves as the foundation for building functional mastery, deepening domain expertise, and fostering an innovation-driven mindset across critical business functions. Through functional academies covering Operations, Sales, Customer Centricity, Profitability, Design, Finance and Accounts, HR, Business Development, and Quality, employees strengthen functional excellence while building capabilities that drive precision, agility, and sector-leading performance.
2. Leadership Academy is designed to develop leaders who can balance people, profit, and sustainability. Through programmes such as Foundation I, Care, Fairness and Recognition, Decision-Making, Executive Effectiveness, and Catalyze, the academy enables leaders to build strategic thinking, lead with trust and accountability, and create long-term sustainable impact across teams and businesses.
3. Alchemy Next Academy reflects our commitment to preparing our people for the future of work. Through initiatives such as AIgnite, focused on AI readiness, and mental wellness support dedicated Sustainability learning journeys, the academy equips employees with future-critical capabilities, enabling responsible innovation and growth in a rapidly evolving landscape.
4. Alchemy Foundation Academy ensures every new Godrejite transitions seamlessly into the organisations culture, systems, and ways of working. Designed for both campus hires and lateral joiners, programmes such as Ready Player One and the Gallop Academy help employees build early capability, strengthen cross-functional understanding, and align with the organisations purpose and values from day one.
Further strengthening our personalised capability-building approach, we launched Learn and Grow in FY 2025 26, a development programme designed to support GPLs Quantum Growth ambition. Through role-specific learning pathways, personalised development plans, and manager-led development conversations, the programme enabled over 3,900 employees across the organisation to actively shape their growth journeys.
Since its inception, Alchemy has empowered over 5,100 learners through 60 programmes. In FY 2025 26 alone, Alchemy reached 3,446 learners through 42 programmes spanning functional, leadership, future-focused, and foundational learning journeys. With a mission to reach every Godrejite by FY 2026-27, we continue to make measurable progress towards building a future-ready organisation anchored in a culture of continuous learning.
In FY 2025 26, Alchemy also extended its impact beyond our own workforce. At the CREW Conclave 2025, we launched a dedicated Capability Development Programme for Women under Alchemy, with a vision to extend learning opportunities to the broader real estate sector. This initiative provides CREW members access to curated, high-impact growth programmes. Complementing this, the launch of the CREW Social Network, Indias firstdigital platform connecting women across real estate functions and geographies, enables collaboration, knowledge sharing, and collective leadership across the industry.
During the year, we also expanded capability-building efforts for our external ecosystem through the ICONS Academy, engaging 50 channel partners in learning journeys focused on evolving marketing capabilities in an increasingly digital-first environment.
Employee Well-Being
At Godrej Properties, well-being is not a benefit; it is a belief. We take a holistic view of what it means for our people to thrive, addressing the mental, emotional, and personal dimensions of their lives alongside their professional growth.
1. Hybrid Work: We have sustained our flexible, hybrid in-office working model post-COVID, recognising best work happens when people have both the space for focused, independent effort and the energy that comes from meaningful in-person collaboration. Our hybrid model honours both.
2. Mental Health Support: Our Employee Assistance Programme provides confidential through expert counsellors available round the clock. In addition, our partnership with Inner Hour, a dedicated mental health platform, offers employees and their families access to self-help tools and private wellness sessions, empowering them to navigate personal and professional challenges with confidence and without stigma.
3. Unlimited Sick Leave: We extend 100% trust-based sick leave to all employees, no limits, no questions. This reflects our deep confidence in our people and our commitment to putting their health above all else.
4. Harmony Hours: Between 8 PM and 8 AM, all official two-way communication meetings, calls, emails, and messages are off the table. Harmony Hours are protected time, designed to ensure every Godrejite has uninterrupted space for themselves and the people they love.
5. Amber- Employee Listening: Amber, our intelligent HR listening assistant, continuously engages with employees across key touchpoints throughout their journey at Godrej Properties. The insights gathered are actively used by the HR team to identify and resolve concerns in real time ensuring no voice goes unheard.
Culture of Recognition future downturn in the We believe that recognition is one of the most powerful drivers of performance, clarity, and belonging. To bring this belief to life, we have built a layered recognition ecosystem that celebrates achievement at every level, from everyday contributions to an extraordinary impact.
Our Spot Recognition scheme, reimagined as ATOM, is inspired by our larger Quantum ambition and reflects the belief that many atomic contributions together drive transformational outcomes. Designed to celebrate the moments in between milestones, ATOM enables employees to recognise peers instantly, with no approval requirement. Since launch, over 4,000 ATOM recognitions have been awarded, with 80% of managers actively using the platform.
Complementing this are our Quarterly Regional Awards, which celebrate consistent excellence across zones, and the OneGPL Awards, which further motivate our people and reinforce the behaviours that define us as an organisation.
At the pinnacle of this ecosystem sits the GPL Legends Awards, our most prestigious national recognition platform. Reserved exclusively for celebrating the most significant achievements of the previous fiscal the exceptional contributions of our very best and serves as a powerful symbol of what it means to be a Godrejite at their finest.
Threats, Risks and Concerns
1. Industry Cyclicality: The real estate market is inherently cyclical, and our business is susceptible to macroeconomic conditions, including changes in government policy, shifts in consumer financing availability, fluctuations in supply and demand, and overall market liquidity. To mitigate these risks, we have deliberately structured our business model around diversification spanning owned projects, joint ventures, residential platforms, and development management services across India. While this approach provides meaningful resilience, any significant environment could adversely impact our operations and financial performance.
2. Statutory Approvals: Navigating Indias regulatory landscape is a critical and ongoing operational consideration for our Company. Our development activities require compliance with a wide array of central, state, and local government regulations spanning land acquisition, property transfer, registration, and land use policies, which vary significantly across states and jurisdictions. Several projects in our portfolio are currently in their initial planning phases, where the timely receipt of statutory approvals is essential to maintaining project momentum. Any delays in obtaining these approvals may necessitate adjustments to project timelines, with downstream implications for delivery commitments and revenue recognition.
3. Climate Change: The Indian real estate sector faces material and growing exposure to climate-related risks spanning the full lifecycle of residential development, from land acquisition and construction through to long-term asset performance. In line with IFRS S2 Climate-related Disclosures, these risks are assessed across two dimensions. Physical risks, both acute and chronic, include intensifying heat waves affecting year, this award honours construction workforce productivity and safety, flooding at project sites in low-lying and flood-prone corridors, monsoon-related disruptions to logistics and timelines, rising urban heat island effects, and long-term water stress across key development geographies. Transitional risks span policy and legal, technology, market, and reputational categories, encompassing tightening regulatory requirements around green building standards and embodied carbon, shifting homebuyer preferences towards certified sustainable developments, the pace of adoption of low-carbon construction systems, and rising stakeholder expectations around climate transparency and supply chain accountability. Both dimensions are evaluated across short, medium, and long-term time horizons and integrated into enterprise risk management and strategic planning.
summary of identified physical and transitional risks material to the organisation is presented below.
| Nature of Risk | Material Risk | Description |
| Increasing regulatory and policy pressure | Tightening regulations across green building standards, ECBC Plus and Super ECBC compliance, SEBIs BRSR Core, and emerging IFRS S2-aligned mandatory climate disclosures are reshaping development approvals, environmental clearances, and reporting obligations. Non-compliance or delayed adaptation to evolving policy requirements risks project delays, cost escalations, and loss of regulatory approvals, with smaller and less-prepared developers facing the greatest exposure. | |
| Cost of indirect emissions | Rising costs of carbon-intensive construction materials, including cement and steel, are expected to increase development costs across the sector. As carbon pricing mechanisms mature and low-carbon material alternatives carry significant cost premiums, developers face margin compression and procurement complexity. The absence of direct control over Scope 3 emissions makes this risk difficult to manage unilaterally, while regulatory and investor pressure to account for embodied carbon is increasing. | |
| Shifting market | Homebuyers are increasingly prioritising climate-resilient, energy-efficient, and | |
| homes, particularly across Indias major metros where the link preferences green-certified | ||
| Transition | ||
| Risks | between climate exposure and long-term property value is becoming more apparent. | |
| Change in investor sentiment | Developers unable to demonstrate credible sustainability credentials risk demand erosion, reduced pricing power, and loss of competitive positioning as buyer awareness and expectations continue to rise. Institutional investors and lenders are integrating climate risk screening and decarbonisation requirements into capital allocation decisions. Portfolios without clear, independently validated transition strategies face growing risk of exclusion from sustainability-linked financing, reduced access to preferred capital, and downward pressure on asset valuations as climate-conscious investment mandates become standard practice across Indian real estate capital markets. | |
| Reputation risk | Real estate developers face growing scrutiny from homebuyers, investors, regulators, and civil society on the adequacy and credibility of their climate commitments. Insufficient climate action, opaque disclosures, or failure to manage supply chain emissions risks reputational damage, exclusion from sustainability indices, loss of stakeholder trust, and weakened competitive positioning in an environment where climate accountability is increasingly non-negotiable. | |
| Sea level rise and coastal flooding (Acute) | Increasing frequency and intensity of coastal flooding events across Indias western and eastern coastlines pose direct risks of structural damage to residential assets, construction disruption, elevated insurance costs, and long-term asset devaluation. Properties in high-risk coastal zones face the prospect of becoming stranded assets as flood exposure becomes more pronounced and financing tightens. | |
| Inland flooding (Acute) | Inland flooding across Indias river-adjacent and low-lying urban corridors poses material risks of property damage, construction delays, and increased remediation and insurance costs. Cities including Mumbai and Bengaluru simultaneously face acute water shortage and severe waterlogging, reflecting the compounding nature of water-related risk that threatens both asset integrity and long-term habitability in key development markets. | |
| Physical Risks | Extreme storms and wind (Acute) | High-intensity storms and extreme wind events pose direct risks of structural damage, material loss, and significant cost overruns during construction. Increasing frequency of such events across Indias coastal and inland development corridors threatens project timelines, raises contractor risk exposure, and is expected to drive tighter structural design and safety requirements that increase development costs. |
| Subsidence (Acute) | Alternating rainfall, drought, and rewetting cycles provoke soil subsidence and shrink-swell effects in clay-rich soils, posing structural integrity and long-term safety risks for residential developments. As development expands into newly urbanising corridors and plotted development locations with limited geotechnical data, the risk of inadequate site assessment and post-construction structural failure increases, with significant financial and reputational consequences. | |
| Heat and water stress (Chronic) | Intensifying urban heat island effects increase cooling demands, raise long-term operational costs for residents, and directly threaten construction workforce safety and productivity. Escalating water stress across Indias major development geographies drives up costs through higher water rates, tighter usage regulations, and increasing capital requirements for water efficiency infrastructure, compressing margins and raising compliance risk across the development lifecycle. |
Climate change, while presenting significant risks, also creates strategic opportunities for residential developers who move early and credibly on the transition to a low-carbon built environment. The most relevant opportunities for the sector are:
Energy Management of Real Estate Assets Advanced energy management across residential assets, supported by renewable energy integration, on-site generation, and smart building systems, reduces long-term operational costs for residents and strengthens asset value in a market where energy performance is increasingly reflected in pricing. Aligning with the Energy Conservation and Sustainable Building Code and evolving carbon market frameworks positions forward-looking developers to reduce operational costs, exceed compliance standards, and strengthen the long-term sustainability of their assets. Policy support through FAR incentives for green buildings, fast-track environmental clearances, and increasing access to green finance is helping accelerate this shift, with states including Maharashtra, Haryana, and Gujarat leading with progressive frameworks that reward sustainable construction. Developers who embed energy performance into asset design early are best placed to capture these regulatory and market tailwinds. given its substantial dependence
Sustainable Building Materials and Efficiency Measures The adoption of low-carbon construction materials and energy-efficienttechnologies, including sensor-based lighting systems, passive design strategies, and low-embodied-carbon materiales, making regional stability a matter of direct remittanc specifications, reduces the sectors environmental footprint while positioning assets to meet evolving standards under the redefined Energy Conservation and Sustainable Building Code and the National Building Code of India. These measures drive operational cost savings over the asset lifecycle while reducing exposure to future regulatory and reputational risk. The National Building Code has been updated to make the inclusion of sustainable materials compulsory in design, and major green ratings have started unlocking financialincentives, further strengthening the commercial case for early adoption of low-carbon construction practices across large-scale residential development.
Environmental and Social Stewardship Embedding strong environmental and social practices across the development lifecycle enhances the long-term value and resilience of residential assets while positioning developers ahead of a tightening regulatory environment. The Environment (Construction and Demolition) Waste Management Rules, 2025, effective April 01, 2026, introduce mandatory recycling and reuse obligations under an Extended Producer Responsibility framework for projects with a built-up area of 20,000 square metres and above, directly applicable to large-scale residential developers. Proactive compliance, including waste segregation, on-site recycling infrastructure, and digital registration, presents an opportunity to reduce material costs, minimise landfill exposure, economy leadership ahead of broader industry adoption. Beyond waste, commitments to zero waste to landfill, green long-cover preservation, water positivity, nature-based solutions within project design, and community-centred planning strengthen social licence to operate and align with evolving sustainability expectations from homebuyers, investors, and regulators, enabling inclusive and enduring growth in the communities we shape.
Outlook
The global economic environment as we enter FY 2026-27 remains complex and uncertain. Escalating trade tensions, tariffwars, and rising protectionism continue to weigh on global trade and investment flows, prompting downward revisions to growth forecasts across major economies. Geopolitical volatility, most significantly the ongoing conflict in West Asia and its cascading impact on energy supply routes, has added further headwinds, dampening investor sentiment and weakening cross-border cooperation. The IMFs April 2026 World Economic Outlook projects global growth to moderate to 3.1% in 2026 and 3.2% in 2027, with the slowdown and inflationary pressures expected to be particularly pronounced in emerging market and developing economies. Global headline inflation is projected to rise modestly in 2026 before resuming its decline in 2027, a sharp departure from the recent downward trend.
The disruption of the Strait of Hormuz, one of the worlds most critical energy chokepoints through which approximately a quarter of global seaborne oil trade passes, has had direct and immediate consequences for energy markets globally. For India, the impact of the conflict in West Asia is onparticularly significant crude oil, natural gas, and fertiliser imports from the Gulf region. Higher energy costs remain a key variable influencing Indias growth and inflation outlook. The Gulf also remains an important destination for Indian exports and a major source of economic relevance.
India, however, continues to stand out as a beacon of resilience and opportunity. Building on a strong FY 2025 26, in which real GDP grew an estimated 7.6%, driven primarily by private consumption and fixed investment even as net external demand remained subdued, India enters FY 2026-27 on firmfooting. The IMFs April 2026 World Economic Outlook has raised Indias FY 2026-27 GDP growth forecast to 6.5%, affirmingIndias position as the fastest-growing major economy, well ahead of China, the United States, and other large economies. India is also emerging as a net beneficiary of the global realignment of supply chains, as manufacturers seek to diversify away from China, a structural shift supported by infrastructure, expanding production capabilities, and large English-speaking workforce. Near-term risks, however, bear watching. IMD has forecast below-normal monsoon rainfall for 2026, at approximately 90% of the long-period average, on account of the emerging El Nino phenomenon, which could weigh on kharif crop production, rural incomes, and food inflation in the months ahead.
Strong domestic demand, a dynamic services sector, and a gradual revival in private sector investment continue to anchor Indias economic momentum. Government-led capital expenditure on infrastructure, PLI schemes to demonstratecircular boost manufacturing, and the continued formalisation of the economy are expected to yield significant productivity gains. The Union Budget 2026-27 reinforces this infrastructure-led growth strategy, with public capital expenditure rising to 12.2 lakh crore from 11.2 lakh crore in FY 2025 26. While the budget does not introduce direct demand-side incentives for housing, its sharp focus on infrastructure, manufacturing, and urban development, and in particular the introduction of City Economic Regions, planned urban clusters designed to integrate residential, commercial, industrial, and civic infrastructure supported by an allocation of 5,000 crore per region over five years, is expected to create strong indirect momentum across real estate segments and unlock new growth corridors beyond traditional metro markets.
Against this backdrop, the real estate sector is well positioned to benefitfrom Indias structural growth story. Contributing 7.3% to Indias GDP and acting as a catalyst across more than 250 allied industries, real estate is widely recognised as a critical lever for employment generation, capital formation, and urban development. With policy support, demographic tailwinds, and growing investor undergoing a sustained transformation that positions it for meaningful long-term growth.
For Godrej Properties, this macro environment aligns well with our own trajectory. Having delivered record-breaking performance in FY 2025 26, achieving our highest-ever booking value, collections, operating cash flows, and net profit, we enter FY 2026-27 from a position of real strength. A robust launch pipeline, a strong balance sheet, deep market presence across Indias major cities, and a proven ability to execute at scale give us confidence in our continued momentum. Our strategy, grounded in customer-centricity, design excellence, sustainability, and informed capital allocation, ensures we remain at the forefront of Indias real estate evolution, continuing to create long-term value for our customers, partners, investors, and communities.
the sector is
Key Financial Ratios (Basis Consolidated Financial Statements)
In accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company is required to give details of significant changes (Change of 25% or more as compared to the immediately previous financial year) in key sector specific financial ratios.
| Ratios | 2026 | 2025 | Definition | Explanation |
| Trade Receivables Turnover | 9.02 | 11.13 | Trade Receivables Turnover = Revenue from Operations / Average Trade Receivables | |
| Inventory Turnover | 0.07 | 0.11 | Inventory Turnover = (Cost of Material Consumed + Changes in inventories of finished goods and construction work-in- progress) / Average Inventory | Decrease in Inventory turnover ratio is majorly on account of increase in inventory due to addition of new projects during current year |
| Interest Coverage Ratio | 2.33 | 1.92 | Interest Coverage Ratio = Earnings before interest, taxes, depreciation and amortisation expenses / Finance Costs (excludes interest accounted on customer advance) | |
| Current Ratio | 1.27 | 1.51 | Current Ratio = Current Assets / Current Liabilities | |
| Net Debt- Equity Ratio costs, improving | 0.33 | 0.19 | Net Debt-Equity Ratio = (Current Borrowings + Non-current Borrowings Cash and Bank Balances Fixed Deposits Liquid Investments) / Total Equity (excludes non-controlling interest) | Increase on account of utilisation of cash and bank balance for business development activity and increase in debt during the year |
| Operating Profit Margin % | 35.3% | 31.6% | Earnings before interest, taxes, depreciation, amortisation expenses and interest included in cost of sales / Total Income including Share of profit / (loss) of joint ventures and associate (net of tax) | |
| EBITDA % | 33.7% | 28.8% | Earnings before interest, taxes, depreciation and amortisation expenses / Total Income including Share of profit / (loss) of joint ventures and associate (net of tax) | |
| Net Profit | 22.1% | 20.4% | Profit for the year attributable to equity holders of the parent / Total Income including Share of profit / (loss) of joint ventures and associate (net of tax) | |
| Return on Net Worth | 10.1% | 10.3% | Profit / (Loss) for the year / Average Equity |
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