Bengaluru: Godrej Properties Ltd (GPL) expects to far exceed its FY24 sales guidance of ₹14,000 crore, buoyed by a strong demand and new project launches, a top company executive said.
The Mumbai-based developer has already clocked ₹13,008 crore of sales bookings between April and December in FY24, compared to ₹12,232 crore in the entire FY23.
In the October-December quarter, GPL made sales bookings worth ₹5,720 crore.
“We will exceed our bookings guidance of ₹14,000 crore for FY24 and we are confident of also delivering our best-ever year in terms of cash collections and project deliveries,” GPL’s executive chairperson Pirojsha Godrej said in an analyst call on Tuesday.
The residential market has been buoyant, and top developers have grabbed a large share of the sales pie. DLF Ltd surpassed its FY24 sales guidance of ₹13,000 crore by the December quarter itself, while Macrotech Developers Ltd, which achieved sales bookings of ₹10,300 crore in the first nine months of FY24, remains on track to deliver full-year guidance of ₹14,500 crore.
GPL is also looking to enter the Hyderabad property market, given the high demand there and a lack of good-quality housing supply in the city, GPL managing director and chief executive Gaurav Pandey said in an interview.
“Hyderabad is one of the best performing residential markets today. We are looking at opportunities and want to find the right location,” Pandey said.
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In 2018, when developers were consolidating their portfolios during a slowdown period, GPL had said it plans to exit the Hyderabad market and focus on its core markets. It hadn’t launched any project in the southern city till then.
GPL is also sharpening its focus on the National Capital Region (NCR), which has seen great sales and pricing momentum. In FY24, it launched a project each in Gurugram and Noida. Godrej said the plan is to launch 5 more projects in NCR—4 in Gurugram and one in Noida—in the ongoing and coming quarters. He also said the company is exploring more business development opportunities across the cities it operates in. In Noida, for instance, the company expects more government land auctions to happen, which it will evaluate.
In south Mumbai, one of India’s most expensive property micro-markets, and in Mumbai in general, GPL will look at adding projects, either through outright acquisitions, joint ventures with other developers or through the redevelopment route.
In the January-March quarter, the company plans to launch multiple projects, in Gurugram, Noida, Bengaluru and Mumbai, subject to approvals.
GPL on Tuesday said its net profit increased by 11% year-on-year to ₹62.72 crore in the December quarter. Total income rose to ₹548.31 crore, from ₹404.58 crore a year ago.
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