In an exceptional show of market strength, Godrej Properties, a prominent real estate developer in India, has reportedly notched an astounding 84 percent rise in its annual sales bookings to reach a new high of Rs 22,500 crore during the financial year 2023-24. This surge in sales bookings has been significantly driven by robust consumer demand for residential properties, marking a remarkable period for the property firm despite the competitive landscape.
Outdoing its peers in the realty sector, Godrej Properties has left behind Bengaluru-based Prestige Group, which disclosed pre-sales of Rs 21,040 crore in the corresponding fiscal period. While Macrotech Developers recorded sales of Rs 14,520 crore, DLF is expected to release its numbers shortly. These four listed industry giants are vying for dominance in the real estate market, each seeking to grab a larger slice of the market share pie.
Attributing to this record-breaking performance, Godrej Properties revealed in a regulatory filing that it experienced its most prosperous quarterly and annual sales in Q4 of the last fiscal and the entire 2023-24 financial year, respectively. The sales bookings in the final quarter soared to over Rs 9,500 crore, doubling the numbers on a year-over-year basis.
Throughout the last fiscal year, the company’s sales booking eclipsed more than Rs 22,500 crore, signaling an 84 percent year-on-year growth. “This is the highest-ever annual sales announced to date by any publicly listed real estate developer in India,” the company stated, attributing the success to the sale of some 14,310 homes covering a whopping 20 million square feet area.
Further breaking down the numbers, it was disclosed that the company’s sales bookings in volume terms saw a 56 percent year-on-year boost in the January-March quarter of the last fiscal to 8.17 million sq. ft. Correspondingly, during the entire last fiscal, the company’s sales bookings grew by 31 percent year-on-year to 20 million square feet.
According to Godrej Properties, the impressive sales were propelled by a surge in consumer interest, particularly in a few key new project launches. The company spotlighted two projects: Godrej Zenith in Delhi-NCR, which clinched a booking value above Rs 3,000 crore, and Godrej Reserve in the Mumbai Metropolitan Region, achieving a booking value of Rs 2,690 crore.
“We are delighted with the scale-up we have achieved in the past two years,” said Gaurav Pandey, the Managing Director & CEO of Godrej Properties. He added, “The sales bookings of over Rs 9,500 crore in Q4, FY’24 surpasses our annual bookings in FY22.” Pandey expressed his satisfaction with the sales growth, emphasizing the balanced contribution from an improving project mix and a robust volume growth of 31 percent.
Looking forward, Pandey highlighted that Godrej Properties boasts a robust launch pipeline for the current fiscal year and anticipates further growth after the company’s recent influx into the strategically important Hyderabad market. With its solid grasp of the key real estate markets in India, Pandey voiced his optimism about the future potential for the company to deliver sustained high-quality performance across all major operational metrics.
With its roots firmly planted within the Godrej Group business conglomerate, Godrej Properties continues to fortify its position as one of the leading realty players in the Indian market. Its latest record-breaking sales figures are a testimony to its strong customer-centric approach and its ability to innovate and thrive in a dynamic housing market.
