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Godrej Properties has set a new benchmark in the real estate sector by becoming the only developer to surpass a booking value of Rs 2,000 crore annually in major markets including NCR, Mumbai Metropolitan Region, Bengaluru, and Pune. This revelation was made by the company's chairman, Pirojsha Godrej, in their most recent annual report.
In a year marked by significant growth, Godrej Properties reported sales bookings of Rs 12,232 crore, marking a remarkable 56% increase from the previous year. This surge was driven by a 40% growth in volume, amounting to 15.21 million sq ft, resulting from the sale of over 12,500 homes.
The company witnessed a 25% growth in sustenance sales, which pertains to sales from ongoing projects, reaching Rs 6,026 crore. Additionally, sales from new project launches skyrocketed by more than 100%, totalling Rs 6,206 crore.
Highlighting the company's achievements, Godrej stated, “We've seen our most robust sales performance this year, leading to our highest-ever collections of Rs 8,991 crore for FY23. This represents a 41% growth from our previous record year, supported by the completion of projects spanning over 10 million sq ft.”
Financially, Godrej Properties saw a 26% rise in total income, reaching Rs 3,017 crore. Their net profit also soared by 62%, culminating at Rs 571 crore for FY23.
The year FY23 was particularly significant for the company in terms of business development. They added 18 new projects, which have an estimated revenue potential of a whopping Rs 32,000 crore. This marks a 250% growth from FY22, setting the stage for a strong launch pipeline to capitalize on the momentum gained in FY23.
Expressing optimism about the future, Godrej commented, “The Indian residential real estate sector is poised for rapid growth. This presents a dual opportunity for leading developers to not only partake in this sectoral expansion but also to increase their market share.”
He further emphasized the company's strategic goals, stating, “Our projects will be pivotal in achieving our aim of a 20% annual sales growth. They also offer us the chance to enhance margins, aligning with our objective of reaching an ROE of 20%.”
In conclusion, Godrej Properties is not resting on its laurels. With a clear vision for the upcoming year, Godrej affirmed, “Our primary objective will be to surpass Rs 14,000 crore in booking value, setting new records in cash collections and project deliveries.”
In conclusion, Godrej Properties continues to lead the real estate sector with record-breaking achievements and ambitious goals, aiming to further solidify its position in the market in the coming year.
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