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In a remarkable feat, Godrej Properties Ltd announced a triumphant sale of over 600 apartments in its upscale residential project situated in Gurugram, Haryana. The project, named Godrej Aristocrat, located in Sector 49 on Golf Course Extension Road, witnessed inventory sales surpassing a staggering Rs 2,600 crore, as disclosed in a regulatory filing.
The project, Godrej Aristocrat, involves the development of approximately 750 apartments within a 9.5-acre residential venture, setting the starting price at around Rs 4 crore per unit. This ambitious undertaking has already been hailed as the company's most successful launch to date, outperforming the previous record set at Godrej Tropical Isle in Noida last quarter, with sales exceeding Rs 2,000 crore.
Gaurav Pandey, the Managing Director and CEO of Godrej Properties, emphasised the significant importance of Gurugram in their market strategy. He revealed plans to introduce four new projects in Gurugram in 2024, showcasing the company's commitment to growth and expansion.
The financial prowess of Godrej Properties is evident in its performance during the period from April to September 2023-24. The company witnessed an impressive 48% increase in sales bookings, reaching an impressive Rs 7,288 crore compared to Rs 4,929 crore in the corresponding period of the previous year. Notably, the Delhi-NCR market played a pivotal role, contributing Rs 3,186 crore to the total sales booking.
Looking forward, Pirojsha Godrej, the Executive Chairperson, shared the company's focus on launching and executing new housing projects across major cities. The firm has an ambitious pipeline for the second half of the fiscal year, targeting key markets including Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru.
Pirojsha expressed confidence in the company's ability to achieve its sales target of properties worth Rs 14,000 crore this fiscal year. The strong demand for both ongoing and upcoming housing projects is expected to propel Godrej Properties to surpass the previous fiscal year's successful sales figure of Rs 12,232 crore.
On the financial front, Godrej Properties reported a notable 22% increase in consolidated net profit, reaching Rs 66.80 crore during the September quarter of FY24 compared to Rs 54.96 crore in the same period last year. The total income for the period soared to Rs 605.11 crore, a substantial rise from Rs 369.20 crore in the corresponding period of the previous year.
As Godrej Properties continues to make waves in the real estate market, its strategic vision, robust sales, and financial performance position it as a leading developer, poised for further success and expansion in the coming quarters.
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