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Godrej Properties Ltd. (GPL), one of India?s leading real estate developers, announced that it has entered into definitive agreements to develop a large township project in North Bengaluru under a profit-sharing model. The estimated booking value from the project is expected to be about INR 5,000 crore.
Spread across almost 62 acres, the project will offer about 56 lakh sq ft of saleable area comprising primarily residential apartments of various configurations. The project will cater to the aspirations of customers who are looking for a high-quality living experience with modern amenities and design with outstanding connectivity.
This land parcel is located in one of the most sought-after locations in Bengaluru offering excellent connectivity to the Kempegowda International Airport, upcoming metro station, multiple upcoming residential and commercial developments, Special Economic Zone, and social infrastructure. The location also offers connectivity to the 8-lane Highway connecting to the Central Business District and other key parts of Bengaluru through Outer Ring Road ? Hebbal.
While an agreement for sale for land, including these 62 acres, was entered into by GPL in 2014, the development wasn't able to start at the time. Over the past few months, the development opportunity has crystallized, and GPL now expects to launch the first phase of development on this land in the upcoming financial year.
Godrej Properties achieved 93% of its booking value guidance for the current fiscal by the end of the third quarter. Deliveries reached half of the guided full-year figure at the end of Q3. Driven by robust housing demand, Godrej Properties' sale bookings rose 59% during the April-December period of this fiscal to INR 13,008 crore as against INR 8,181 crore in the year-ago period.
On the financial front, Godrej Properties reported an 11% increase in consolidated net profit at INR 62.72 crore for the December quarter. Total income rose to INR 548.31 crore in the quarter from INR 404.58 crore in the year-ago period.
In the present quarter, Godrej Properties bought 6.46-acre land in Noida for INR 506 crore to develop a housing project with an estimated revenue of INR 3,000 crore. This will be the sixth project of Godrej Properties in Noida. Alongside, it entered into the Hyderabad market with the outright purchase of 12.5-acre land for INR 350 crore to build a housing project with an estimated revenue potential of INR 3,500 crore.
The two outright land purchases in Hyderabad and Noida, while entering into a joint venture in Bengaluru, will help generate cumulative revenue of around INR 11,500 crore. This would take the total revenue to around INR 20,000 crore so far, this fiscal. In the entire 2022-23 fiscal, Godrej Properties had acquired land parcels having a revenue potential of over INR 32,000 crore post development.
Godrej Properties, which is part of the business conglomerate Godrej Group, has a major presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune. Bullish on the growth potential of the housing segment, Pandey expects to add a few more land parcels this month for future development. The company is evaluating several proposals from landlords.
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