Godrej Properties expects 14 per cent growth in sale bookings this fiscal to a record Rs 14,000 crore on strong housing demand, a top company official said. In an interview with PTI, Godrej Executive Chairman Pirojsha Godrej said the company’s performance in 2022-23 was strong across key operational parameters.
He said the sale bookings rose 56 per cent last fiscal to an all-time high of Rs 12,232 crore, and almost all were residential properties.
Cash collections grew 41 per cent to Rs 8,991 crore last fiscal year, while project deliveries touched a record 10 million square feet, he said.
Asked about the targets for the current year 2023-24, Pirojsha said the company has set a target of Rs 14,000 crore worth of sale bookings and hopes to exceed the annual sales guidance.
The cash collection target has been fixed at Rs 10,000 crore for the current fiscal, while project deliveries are expected to increase to 12.5 million square feet.
He said prices in the company’s housing projects increased by an average 10 per cent last fiscal and are expected to rise further.
On the real estate market, Pirojsha said the sector has witnessed a strong recovery after the second wave of the COVID-19 pandemic, despite higher home loan interest rates. He expects demand to remain stable in the coming years with moderation in borrowing costs.
He said the Delhi-NCR market has been performing well in terms of both sales volumes and pricing. To leverage this trend, the company plans to launch several projects in Delhi, Noida and Gurugram.
Godrej Properties, part of Godrej Industries, is among the leading real estate developers in India. The company focuses on residential projects in Delhi-NCR, Mumbai Metropolitan Region, Bengaluru and Pune.
During the 2022-23 fiscal, the company’s net profit rose to Rs 571.39 crore from Rs 352.37 crore in the previous year. Total income increased to Rs 3,039 crore from Rs 2,585.69 crore in 2021-22.
