Godrej Properties Plans to Develop Housing Projects Worth ₹9,650 Crore After Acquiring 6 New Land Parcels

Real estate company Godrej Properties has bought six new pieces of land during the second quarter of the financial year 2024-25. The company aims to use this land to build housing projects valued at ₹9,650 crore, driven by strong demand in the property market, as reported by PTI on Saturday, October 12.

On Friday, Godrej Properties’ shares closed slightly lower at ₹3,012, compared to the previous close of ₹3,012.65.

ADVERTISEMENT

Be part of our community by downloading and registering on the Angel One app. Your support helps us keep delivering quality content.

The company buys land either by purchasing it directly or by partnering with landowners for joint developments, allowing them to grow their business, according to the report.

In its latest update for the July-September quarter, Godrej Properties announced that it had acquired 8 new land parcels in the first six months of the 2024-25 financial year. These parcels have a total estimated saleable area of about 11 million square feet, with the potential to generate around ₹12,650 crore in sales, according to the report.

This includes the 6 new parcels acquired in the second quarter, which are expected to bring in bookings worth ₹9,650 crore.

Gaurav Pandey, Managing Director and CEO of Godrej Properties, said, “Our acquisitions in April-September, worth ₹12,650 crore, will give us a strong launch pipeline not just for this year, but for years to come.”

According to the report, the company has already reached 63% of its annual target for new business development and land purchases.

Key Projects and Sales Performance

The report highlighted various projects, including one on Golf Course Road in Gurugram. The company also recently entered the Indore market, expanding its reach.

Pandey also stated, “We have a deep understanding of key real estate markets in India and are excited about the opportunities in the coming years. We are confident in our ability to deliver strong performance across all key metrics.”

Godrej Properties’ sales bookings increased by 3% to nearly ₹5,200 crore during the July to September period, driven by strong demand in the housing market.

The company has set a sales target of ₹27,500 crore in bookings for the financial year 2024-25, according to the report.