It seems to be a year of records for real estate players, as Godrej Properties Ltd, reported its best ever quarterly and annual sales performance.
The company's bookings, or presales, were up whopping 135% year-on-year at Rs 9,500 crore in Q4 FY24, setting a new record for the highest quarterly sales by any publicly listed real estate developer in India. The Q4 bookings are higher than the annual bookings in FY22.
This was in the form of 5,331 homes with a total area of over 8 million sq. ft.
For the full year FY24, Godrej Properties' bookings grew by an impressive 84% year-on-year to over Rs 22,500 crore, surpassing the company's guidance provided at the start of the year by 61%.
This achievement also marks the highest annual sales recorded by any publicly listed real estate developer in India, with the sale of 14,310 homes spanning 20 million sq. ft.
The company said the sales were driven by strong demand in Godrej Zenith in NCR, which achieved a booking value of more than Rs 3,000 crore, and Godrej Reserve in MMR, which recorded a booking value of Rs 2,690 crore. Both projects were the best ever launches for GPL in their respective markets.
Yesterday, another Mumbai-based real estate developer, Keystone Realtors Limited (Rustomjee), also reported strong operational performance for Q4 FY24. Rustomjee's pre-sales for the quarter grew 78% year-on-year. For the full year FY24, Rustomjee's pre-sales reached INR 22.66 billion, registering a growth of 41% year-on-year.
The company said it has a strong launch pipeline for the current year, bolstered by their recent entry into the Hyderabad market.
The strong performance of both Godrej Properties and Rustomjee in Q4 FY24 reflects the resilience and growth potential of the Indian real estate sector, and indicates that the sector is now fully out of the impact of the pandemic.