Godrej Properties plans to build residential projects worth ₹ 9,650 crore; purchases 6 plots in the second quarter

Real estate firm Godrej Properties has acquired six new plots in the second quarter of financial year 2024-25. The company plans to implement residential projects worth, among others: ₹as part of expansion plans in the face of strong market demand, news agency PTI reported on Saturday, October 12.

Shares of Godrej Properties closed up 0.02%. decline at the level of 0.02 percent ₹3,012 after Friday’s market close compared to ₹3,012.65 at the previous market close.

According to the agency’s report, the company directly acquires land and partners with landowners for a joint development process to expand its operations.

Godrej Properties in its latest operational update for the July-September quarter said that in the first six months of FY 2024-25, the company has added 8 new plots with a total estimated salable area of ​​approximately 11 million sq ft and Total estimated booking value potential of approximately ₹12,650 crore, according to the report.

This included the addition of 6 new parcels in the second quarter of this fiscal year with an expected book value of ₹9,650 crore, the agency said.

“Our business development add-ons ₹₹12,650 crore in April-September will give us a further solid base of scheduled launches not only in the current year but also in the coming years,” Gaurav Pandey, managing director and chief executive officer (CEO), Godrej Properties, was quoted as saying by the agency. report.

According to the agency’s report, the company also said it achieved 63% of its annual targets for new business development and land acquisition.

Corporate projects and sales

As per the report, the numerous projects include Road Golf Course in Gurugram and the company has also recently entered the Indore market.

“We have built a deep understanding of key real estate markets in India and are very excited about the potential the next few years will bring us in delivering sustained, high-quality performance across all key operational metrics,” Pandey said, as quoted by the agency.

The company’s sales bookings increased by 3%. to almost ₹The report said the figure was Rs 5,200 crore in the July-September quarter, based on higher demand in the housing market.

Godrej Properties’ sales target for the financial year 2024-25 is ₹The report shows that bookings stood at ₹27,500 crore.