NEW DELHI: Realty stocks continue their winning streak with Godrej Properties Ltd (GPL) shares surging up to 10 per cent on Monday after it reported registering the “highest ever quarterly and annual sales bookings” in the March quarter (Q4FY23) and financial year 2022-23.
Shares of other heavyweights- DLF, Prestige and Lodha- gained up to 7 per cent in an otherwise weak market. Benchmark Sensex and Nifty50 closed with minor gains on Monday. Godrej Properties shares jumped about 10% to hit a day high of Rs 1,235.70 over its previous close of Rs 1,125.25.
The shares closed the Monday session at Rs 1,227.25 a piece, up 9 per cent. This is the second straight session when GPL and other realty stocks are in high demand. Shares of Godrej Properties on Friday had surged 6.50 per cent and other realty stocks had advanced up to 7 per cent after the Reserve Bank of India’s (RBI) surprise decision to keep the repo rate unchanged at 6.5 per cent.
Real estate players believe that a pause in the rate hike cycle would help in maintaining the high demand for housing units amidst emerging challenges from the global front. In a regulatory filing, Godrej Properties informed that its Q4 FY23 bookings stood at Rs 4,051 crore and FY 23 booking value grew 56 per cent year-on-year to Rs 12,232 crore.
GPL added 18 new projects in FY23 with a total estimated saleable area of nearly 29 million sq. ft. and a total estimated booking value of Rs 32,000 Crore Gaurav Pandey, MD & CEO, Godrej Properties, said, “With our business development additions nearly doubling our initial guidance and increasing by over 200 per cent YoY, we will have a stronger launch pipeline in the current year than ever before.”
Analysts at Motilal Oswal raised their expected FY24 and FY25 pre-sales by 23 per cent and 44 per cent, respectively, after incorporating recent project additions. They believe GPL is on track to achieve its pre-sales target of Rs 20,000 crore by FY26.