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Godrej Properties, the real estate arm of Godrej Group, will soon launch a luxury housing project in Gurugram with an estimated revenue potential of around Rs 3,000 crore as it seeks to encash a rise in demand for premium residential properties. The company will develop nearly 750 apartments in a 9.5-acre housing project 'Godrej Aristocrat' located at Sector 49 in Gurugram. The starting price is around Rs 4 crore per unit.
According to real estate consultants, Godrej Properties has started seeking expressions of interest (EOI) from potential homebuyers and already received more than 1,200 EOIs.
During the April-September period of 2023-24, Godrej Properties achieved 48% growth in its sales bookings to Rs 7,288 crore from Rs 4,929 crore in the year-ago period. Out of the total sales booking of Rs 7,288 crore in the first six months of this fiscal, the Delhi-NCR market contributed sales of Rs 3,186 crore.
Its housing project 'Godrej Tropical Isle' at Sector 146, Noida, alone contributed sales of Rs 2,016 crore.
On the financial front, Godrej Properties has recently reported a 22% rise in its consolidated net profit to Rs 66.80 crore during the September quarter of this fiscal from Rs 54.96 crore in the year-ago period. Its total income rose to Rs 605.11 crore during the July-September period of the current financial year against Rs 369.20 crore in the corresponding period of the previous year.
In conclusion, Godrej Properties is set to capitalize on the increasing demand for premium residential properties with the launch of its luxury housing project, 'Godrej Aristocrat,' in Gurugram. With an estimated revenue potential of around Rs 3,000 crore, the company aims to meet its ambitious target of selling properties worth Rs 14,000 crore in the current fiscal year. Godrej Properties continues its strategic expansion, focusing on major cities and timely project execution.
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