Real estate company Godrej Properties has bought 15 land parcels so far this fiscal year with a potential sales value of Rs 27,500 crore and plans to buy more property by March to build new projects in an effort to grow its business amid strong housing demand.
Pirojsha Godrej, executive chairman of Godrej Properties, stated in an interview with PTI that the company’s new business development includes the acquisition of land parcels through outright purchases and joint ventures with landowners to build new projects.
“We are pleased with how the last quarter has gone. It has been a really successful quarter operationally. It turned out to be a remarkable quarter for corporate growth. Just within the quarter, we achieved Rs 23,000 crore, as opposed to the whole year’s yearly target of Rs 15,000 crore. We are overjoyed with the results “He underlined.
With the addition of this new area, the developer can now offer even more desirable flats for sale in Pune. This impressive windfall will ensure Godrej Properties’s continued success in an ever-changing and competitive market.
The expansive terrain provides ample opportunities for cutting-edge innovation and furthering industry developments.
By utilizing their expertise, the team at Godrej Properties is confident they can maximize their profits from this land acquisition – making it a win-win situation for everyone involved.
Projects
With an anticipated sales booking of Rs 23,050 crore, Godrej Properties introduced 9 new projects in the Delhi-NCR, Mumbai Metropolitan Region (MMR), and Pune in just Q3.
Numerous landowners are being discussed by the corporation for joint ventures. In terms of operations, the company’s sales bookings increased 77% year over year to Rs 8,181 crore from Rs 4,613 crore in the prior year’s period.
In Q3, sales bookings increased more than twofold to Rs 3,252 crore from Rs 1,541 crore in the same quarter last year. According to Godrej, the company’s third-quarter sales reservations were the biggest ever.
Profits
However, Godrej Properties would not increase its annual sales booking target. The residential market contributed Rs 8,124 crore to the overall sales bookings from April to December of this fiscal year, while commercial properties only made up Rs 57 crore.
Geographically, Godrej Properties sold properties in Delhi-NCR worth Rs 2,675 crore, the Mumbai Metropolitan Region (MMR) at Rs 2,053 crore, Bengaluru at Rs 1,452 crore, and Pune at around Rs 1,376 crore.
Godrej Properties recorded a 3rd quarter consolidated net profit rise of 51% to Rs 58.74 crore.
In the same period last year, the net profit totaled Rs 39.02 crore. In the third quarter of this fiscal year, overall income decreased to Rs 404.58 crore from Rs 466.91 crore in the same quarter last year.
Between April and December of this fiscal year, the company reported a net profit of Rs 159.25 crore, up from Rs 91.90 crore in the same period last year.
In the first nine months of this fiscal year, its total revenue increased from Rs. 1,063.12 crores to Rs. 1,200.18 crores.
Wrapping up
The real estate industry in Pune and beyond will be greatly impacted by this new endeavor.
This development gives buyers and investors alike a wide range of choices, whether seeking 2 BHK flats in Pune or other flats for sale.
Godrej Properties is certain to generate a lot of interest and create waves in the market thanks to its enormous potential for capital growth and the expertise of some of the most well-known real estate consultants in Pune.
