Godrej Properties’ Q2 Milestone: INR 9,650 Cr Land Buys, Record Sales Boost

Godrej Properties has acquired six land parcels in the July-September quarter, aimed at developing housing projects worth INR 9,650 crore. These acquisitions align with the company's strategic expansion plans, driven by robust housing demand. With this move, Godrej Properties achieved 63% of its annual land acquisition target, solidifying its pipeline of future projects.

Operational Achievements for FY24

In the first six months of FY24, Godrej Properties added eight land parcels, offering a total saleable area of 11 million square feet. These projects are expected to yield an estimated booking value of INR 12,650 crore. Of this, six parcels were acquired in Q2 alone, contributing INR 9,650 crore to the booking potential.

CEO Highlights Growth and Expansion Efforts

Commenting on the development, Gaurav Pandey, MD & CEO, said, “Our acquisitions worth INR 12,650 crore in April-September set a strong foundation for a robust project launch pipeline for the coming years.” Notable acquisitions include high-value projects at Gurugram's Golf Course Road and the company’s foray into Indore. Pandey emphasized Godrej Properties' deep understanding of key real estate markets across India and expressed optimism about sustained growth.

Record-Breaking Sales Bookings

Godrej Properties reported record-breaking sales bookings in Q2 FY24, achieving INR 5,200 crore—a 3% year-on-year increase. During the April-September period, sales bookings surged by 89% to INR 13,800 crore, the highest for the first half of any fiscal year in the company’s history.

A Leader in Real Estate

In FY23, Godrej Properties emerged as the largest listed real estate developer by sales bookings, reporting INR 22,527 crore—an 84% jump from INR 12,232 crore in the previous year. The company aims to surpass this record with a target of INR 27,500 crore for FY24.

Strengthening Presence in Key Markets

Godrej Properties continues to expand its footprint across major real estate hubs, including Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. Recent developments showcase the company’s strategic intent to diversify and strengthen its portfolio in emerging markets like Indore.

Highlights:

• Land Acquisitions: Six parcels acquired in Q2 for INR 9,650 crore; 63% of the annual target achieved.
• Sales Bookings: Q2 sales bookings hit INR 5,200 crore; 89% growth in H1 bookings (INR 13,800 crore).
• Expansion: Entered Indore and added high-value projects in Gurugram’s Golf Course Road.
• Annual Target: FY24 target set at INR 27,500 crore in sales bookings.
• Market Leadership: Largest listed real estate developer by sales bookings in FY23 with INR 22,527 crore.