Godrej Properties, a renowned real estate developer in India, had a 7.85% increase in its shares, reaching a new top of ₹2,791.20 per during early trading Tuesday. This spike followed the company’s remarkable success in the March quarter.
In a regulatory filing on Monday, the business recorded a phenomenal 135% year-on-year rise in bookings, totaling over ₹9,500 crore in Q4 FY24. “This is the greatest quarterly sales announced to date by any publicly traded real estate developer in India. This was accomplished by selling 5,331 residences totaling more than 8 million square feet,” the business stated.
In fiscal year 2024, Godrej Properties booked more than ₹22,500 crore, an 84% increase from the previous year. This growth outperformed the company’s initial guidance by 61%, demonstrating extraordinary results.
The company stated, “This is the highest ever annual sales announced to date by any publicly listed real estate developer in India,” achieved through the sale of 14,310 homes covering 20 million sq. ft.”
Godrej Zenith in NCR secured orders of over ₹3,000 crore, and Godrej Reserve in MMR secured bookings totaling ₹2,690 crore. Both of these projects were the most successful GPL launches ever in their respective markets.
In FY24, four projects, including Godrej Aristocrat launched in Q3 and Godrej Tropical Isle launched in Q2, reached booking values of above ₹2,000 crore. In FY24, NCR bookings increased by 180% to over ₹10,000 crore, while MMR bookings increased by 114% to over ₹6,500 crore, according to the company’s regulatory filings.
“We are delighted with the scale-up we have achieved in the past two years. The sales bookings of over ₹9,500 crore in Q4 FY24 surpass our annual bookings in FY22.”
Gaurav Pandey, MD and CEO of Godrej Properties
Meanwhile, the demand for residential properties in India is on the rise, driven by the expanding economy, as individuals actively seek to purchase homes, particularly in the luxury segment. Significant investments from high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs) in the Indian residential market are further bolstering this demand.
