Godrej Properties Secures ₹9,650 Crore Land for Housing Projects

14 Oct 2024 , 01:19 PM

Godrej Properties acquired six new land parcels in the July-September quarter of 2024 to develop housing projects valued at ₹9,650 Crore, as part of its ongoing expansion strategy amid high housing demand.

The company is a prominent real estate developer with a strong presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru.

Godrej Properties expands its housing business through both outright land purchases and joint development agreements with landowners.

In its operational update for the July-September quarter, Godrej Properties added eight new land parcels in the first six months of the fiscal year, covering an estimated 11 million square feet of saleable area with a potential booking value of ₹12,650 Crore.

Of these, six land parcels were acquired in the second quarter with an expected booking value of ₹9,650 Crore, achieving 63% of the company’s annual target for new land acquisitions.

At the time of writing on October 14, 2024 at 1:18 pm, shares of Godrej Properties is trading at ₹3041.55 which is a 0.91% gain than the previous close. Godrej Properties has gained 78% in the last one year, and 51% since the beginning of the year.

Gaurav Pandey, MD & CEO of Godrej Properties, stated that these acquisitions would support a strong project launch pipeline for the current and future years.

Notable projects include developments on Golf Course Road in Gurugram, and the company has also recently entered the Indore market.

Godrej Properties’ sales bookings rose 3% in the second quarter to nearly ₹5,200 Crore, the highest Q2 booking value to date. Sales bookings for the April-September period grew 89% year-on-year to over ₹13,800 Crore, marking the company’s best-ever first-half performance.

Godrej Properties became the largest listed real estate firm in terms of sales bookings last fiscal, targeting ₹27,500 Crore in sales bookings for FY 2024-25.