Godrej Properties clocks record sales bookings in FY'24 at over Rs 22,500 crore, up 84% annually

Realty firm Godrej Properties on Tuesday reported a 84 per cent increase in sales booking to a record Rs 22,500 crore in the last financial year, on higher volumes amid strong consumer demand for residential properties.

Godrej Properties has surpassed the sales booking numbers of Bengaluru-based Prestige Group, which on Monday reported pre-sales of Rs 21,040 crore during the last fiscal year.

Macrotech Developers has reported sales of Rs 14,520 crore in the previous fiscal. DLF is yet to announce its numbers.

These four listed entities are in the race to gain market share.

In a regulatory filing, Godrej Properties said the company has achieved its best ever quarterly and annual sales in the fourth quarter of the last fiscal and for the full 2023-24, respectively.

During the fourth quarter of the last fiscal, Godrej Properties' sales bookings more than doubled to over Rs 9,500 crore year-on-year.

Its sales bookings during the last fiscal grew by 84 per cent year-on-year to more than Rs 22,500 crore.

"This is the highest-ever annual sales announced to date by any publicly listed real estate developer in India. This was achieved through the sale of 14,310 homes with a total area of 20 million square feet," the company said.

Godrej Properties said the company's sales bookings in volume terms grew by 56 per cent year-on-year in the January-March quarter of the last fiscal to 8.17 million sq. Ft.

The company's sales bookings rose 31 per cent year-on-year during the entire last fiscal to 20 million square feet.

"Sales were driven by superlative consumer demand in some key new project launches," Godrej Properties said.

Godrej Zenith in Delhi-NCR achieved a booking value of more than Rs 3,000 crore and Godrej Reserve in Mumbai Metropolitan Region achieved a booking value of Rs 2,690 crore, the company cited.

Gaurav Pandey, MD & CEO, Godrej Properties, said, "We are delighted with the scale-up we have achieved in the past two years. The sales bookings of over Rs 9,500 crore in Q4, FY'24 surpasses our annual bookings in FY22." "We achieved a growth of 84 per cent in FY24 to register bookings of over Rs 22,500 crore. We are pleased that this sales growth was on the back of both an improving project mix as well as strong volume growth of 31 per cent," he said.

Pandey said the company has a strong launch pipeline for the current fiscal, which will also be bolstered by the recent entry into the important Hyderabad market.

"We have built a deep understanding across key real estate markets in India and are greatly excited by the potential the next several years offer for us to deliver sustained high-quality performance across all key operating metrics," Pandey said.

Godrej Properties, which is part of business conglomerate Godrej Group, is one of the leading real estate developers in India.