Godrej Properties acquires 18 land parcels in FY23 to build new projects with US$ 3.90 billion (Rs. 32,000 crore) sales potential
- IBEF
- April 17, 2023
Godrej Properties, a division of the Godrej Group, has stated that it will add land parcels with a sales revenue potential of US$ 1.83 billion (Rs. 15,000 crore) for future development. Godrej Properties buys land outright and engages in joint development agreements (JDAs) with landowners to build a pipeline of future projects and expand its business.
According to Godrej Properties, it has added 18 new projects in FY23 with a total estimated saleable area of nearly 29 million square feet and a total estimated booking value of around US$ 3.90 billion (Rs. 32,000 crore). Five new projects were added in the fourth quarter of the previous fiscal year, with a projected sales booking value of US$ 702.5 million (Rs. 5,750 crore).
One of the major transactions in FY23 was the purchase by the company of an 18-acre plot of land in Kandivali, Mumbai, for US$ 91. 63 million (Rs. 750 crore). This land would be used to build a luxury home complex with a potential revenue of nearly US$ 855.26 million (Rs. 7,000 crore).
The executive chairman of Godrej Properties, Ms. Pirojsha Godrej, has previously stated that the business would spend approximately US$ 916.36 million (Rs. 7,500 crore) on the acquisition and construction of new real estate projects over the following 12 to 18 months.
Godrej Properties' sales booking increased 56% to US$ 1.49 billion (Rs. 12,232 crore) previous fiscal year. For the first time, the company sold more than US$ 244.36 million (Rs. 2,000 crore) of real estate in each of its four target markets: Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, and Pune.
Housing contributed 99% of the total sales bookings for the previous fiscal year. According to Ms. Pirojsha, the company looks forward to expanding on this sales momentum in FY24.
Sales volumes increased by 40% to 15.21 million square feet in 2022–2023 from 10.84 million square feet the year before. In FY23, the company completed projects totalling more than 10 million square feet in 5 cities.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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