In India, Godrej Properties, a prominent real estate developer, experienced a notable surge of 7.85% in its shares, reaching a new peak of ₹2,791.20 each during early trading on Tuesday. This surge follows the company’s exceptional performance for the quarter ending March. In a regulatory filing on Monday, the company reported an impressive 135% year-on-year growth in bookings, totaling over ₹9,500 crore for Q4 FY24, marking the highest-ever quarterly sales announced by any publicly listed real estate developer in India. This achievement was attributed to the sale of 5,331 homes covering over 8 million sq. ft.
For the fiscal year 2024, Godrej Properties witnessed an 84% year-on-year surge in bookings, surpassing ₹22,500 crore, exceeding the company’s initial guidance by 61%. This growth was achieved through the sale of 14,310 homes covering 20 million sq. ft., marking the highest-ever annual sales announced by any publicly listed real estate developer in India.
Godrej Zenith in NCR and Godrej Reserve in MMR emerged as the most successful launches ever for GPL in their respective markets, securing bookings worth over ₹3,000 crore and ₹2,690 crore, respectively. Additionally, four projects, including Godrej Aristocrat and Godrej Tropical Isle, achieved booking values surpassing ₹2,000 crore. Notably, bookings in NCR surged by 180% to over ₹10,000 crore, while bookings in MMR grew by 114% to surpass ₹6,500 crore for FY24, as per the company’s regulatory filing.
Gaurav Pandey, MD and CEO of Godrej Properties, expressed delight at the scale-up achieved in the past two years, with sales bookings of over ₹9,500 crore in Q4 FY24 surpassing annual bookings in FY22. He emphasized a growth of 84% in FY24, registering bookings of over ₹22,500 crore, driven by both an improving project mix and strong volume growth of 31%.
Meanwhile, the rising demand for residential properties in India, fueled by the expanding economy, particularly in the luxury segment, is evident. Noteworthy investments from high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs) in the Indian residential market further contribute to this demand.
