Godrej Properties achieves record sales with the Gurugram luxury housing project
26 Dec 2023
Godrej Properties announced on Tuesday, 26 December 2023, the successful sale of more than 600 flats in its newest luxury housing venture in Gurugram, Haryana. The real estate giant disclosed in a regulatory filing that it had accomplished sales exceeding Rs 2,600 crore in its project, Godrej Aristocrat, situated in Sector 49 on Golf Course Extension Road, Gurugram. The expansive 9.5-acre housing project is set to feature close to 750 apartments, with a starting price of approximately Rs 4 crore per unit.
This accomplishment marks Godrej Properties’ most triumphant launch to date, surpassing the previous best sales value of over Rs 2,000 crore at its Godrej Tropical Isle project in Noida last quarter. Gaurav Pandey, the Managing Director and Chief Executive Officer (CEO) of Godrej Properties, conveyed that Gurugram holds significant importance in the company's market strategy. He expressed the company's intent to introduce four new projects in Gurugram by the year 2024.
From April to September in the fiscal year 2023–24, Godrej Properties witnessed an impressive 48% growth in sales bookings, amounting to Rs 7,288 crore compared to Rs 4,929 crore in the corresponding period in the previous year. Notably, the Delhi-NCR market contributed significantly to the total sales booking, reaching Rs 3,186 crore.
Pirojsha Godrej, Executive Chairperson of Godrej Properties, emphasized the company’s focus on the Delhi-NCR market, revealing plans to launch housing projects in Noida, Gurugram, and Ashok Vihar, Delhi, during the current and next quarters. Godrej Properties has an ambitious launch pipeline for the second half of the fiscal year in key markets such as Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru.
Pirojsha expressed confidence in meeting the fiscal target of selling properties worth Rs 14,000 crore, citing robust demand for ongoing and upcoming projects. In the previous fiscal year, Godrej Properties achieved sales of properties worth Rs 12,232 crore.
On the financial front, the company reported a 22% rise in consolidated net profit to Rs 66.80 crore during the September quarter of FY24, compared to Rs 54.96 crore in the year-ago period. The total income surged to Rs 605.11 crore during the period, a significant increase from Rs 369.20 crore in the corresponding period of the previous year.
