NEW DELHI: Godrej Properties has emerged amongst the top three developers in Delhi-NCR, Mumbai, Bengaluru and Pune with sales bookings of over Rs 800 crore in each of the four markets, its executive chairman Pirojsha Godrej said.
Godrej Properties Ltd achieved a total sales bookings of Rs 5,083 crore during last fiscal.
“We have just completed the best ever year in GPL’s history in terms of the value and volume of real estate we have been able to sell,” Godrej told investors as per the transcript posted on the company website.
For the first time in the company’s history, he said GPL delivered sales of more than Rs 1,000 crore in each of the four quarters of last fiscal.
“Also, for the first time, we have emerged as amongst the top three developers by value of real estate sold in each of our four focus markets of Mumbai, NCR, Bengalure, and Pune,” Godrej said.
The company sold more than 1.25 million sq ft with a booking value of over Rs 800 crore in each of its four focus markets, he added.
This has largely been possible by combining our traditional strength in new launches with a strong improvement in sales from existing inventory, which stood at Rs 2,780 crore in FY18,” Godrej said.
The total value of bookings in FY18 stood at Rs 5,083 crore, which represents a 152 per cent year-on-year increase, he added.
“As a result, we are likely to emerge as the largest publicly listed developer in India by sales value in FY18,” he said.
In contrast, he said the sales for the industry as a whole have declined during the financial year.
Replying to a query whether company would be able to achieve Rs 5,000 core sales bookings in this fiscal, Godrej said: “…clearly the goal of the company is not to degrow in any years, at the same time it can happen if things do not go according to plan and things get delayed or we are not as successful as we hope to be”.
Godrej Properties, a real estate arm of the Godrej group, clocked over two-fold jump in its consolidated net profit to Rs 141.51 crore for the January-March quarter (Q4) of last fiscal as against Rs 62.59 crore in the year-ago period.
The total income also rose sharply by 84 per cent to Rs 848.56 crore from in the fourth quarter of the last fiscal from Rs 462.25 crore in the corresponding period of the previous year.
During the entire 2017-18 fiscal, the net profit increased by 14 per cent to Rs 234.96 crore from Rs 206.8 crore in the 2016-17. Total income increased by 41 per cent to Rs 2,390.67 crore in the 2017-18 compared to Rs 1,701.38 crore.
Godrej Properties is developing residential, commercial and township projects spread across about 151 million square feet in 12 cities. It has major presence in Delhi-NCR, Mumbai, Bengaluru and Pune.
Source : economictimes.indiatimes