Godrej Properties, the largest residential property developer in the country by both volume and value, Tuesday said its residential bookings touched a record, jumping 135 percent on-year to over 5,000 units worth more than Rs 9,500 crore in the final three months of FY24.
This is the highest-ever quarterly sales announced by any publicly listed real estate developer in the country. Bookings stood at 5,331 homes with a total area of over 8 million sqft, the company said in a statement.
Godrej Properties had emerged as the largest developer in the country by the value and volume of residential sales in FY21. The Godrej group has the largest land bank in the land-starved city sitting over 3,500 hectares, most of which though is salt pans and protected mangroves.
For the full year to March 2024, bookings grew 84 percent to over Rs 22,500 crore, which is a full 61 percent more than the guidance provided at the start of the year, the Godrej group company said, adding this is also the highest-ever annual sales announced to date by any publicly listed real estate developer in the country. For the full year, its sales stood at 14,310 units with a total area of 20 million sqft.
Volume for the full year grew 31 percent more than the guidance at 20 million sqft. Sales volume for Q4 grew 56 percent to 8.17 million sqft.
Of the Rs 5000 crore sales income in the fourth quarter of fiscal 2024, as much as Rs 4,000 crore came from the Mumbai metropolitan region (MMR) alone, the statement said.
Bookings were driven by superlative consumer demand in some key new project launches, said Gaurav Pandey, the managing director & chief executive of Godrej Properties.
Godrej Zenith in the National Capital Region (NCR) achieved a booking value of over Rs 3,000 crore and Godrej Reserve in the MMR printed in at Rs 2,690 crore.
During the year, the company launched four projects (including Godrej Aristocrat in Q3 and Godrej Tropical Isle in Q2) and these two alone grossed over Rs 2,000 crore.
In the NCR, its bookings grew 180 percent to over Rs 10,000 crore in FY24, while MMR bookings jumped 114 percent to more Rs 6,500 crore, Pandey said.
The Q4 bookings surpass our annual bookings in FY22. We achieved a growth of 84 percent in FY24 to over Rs 22,500 crore and this was on the back of both an improved project mix as well as strong volume growth of 31 percent, said Pandey.
He further said the company has a strong launch pipeline for the current fiscal, which will also be bolstered by the recent entry into the Hyderabad market.