Godrej Properties clocks ₹8,637 cr of sales booking in Q1, highest among listed peers

Godrej Properties Ltd (GPL) clocked bookings worth ₹8,637 crore—the highest among the top listed developers—in the June quarter, the real estate firm said on Wednesday.

The Mumbai-based developer had recorded sales bookings worth ₹2,254 crore a year ago.

Among its top listed peers, Macrotech Developers Ltd reported pre-sales of ₹4,030 crore, while Prestige Group and DLF Ltd saw sales of ₹3,029.5 crore and ₹6,404 crore, respectively.

“…The residential real estate sector in India has been strong over the past three years, and we believe the sectoral tailwinds will continue over the next few years. The significant levels of business development we have executed in previous years at favourable terms continue to allow us to scale our bookings and, in turn, our earnings,” said Pirojsha Godrej, executive chairperson of GPL.

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GPL's sales volume stood at 8.99 million square feet in the first quarter of 2024-25, compared to 2.25 million sq. ft in the year-ago quarter. 

Its net profit jumped 316% year-on-year to ₹520 crore from ₹125 crore. Revenue from operations, however, fell to ₹739 crore from ₹936 crore during the quarter. 

In 2023-24, GPL saw an 84% surge in sales bookings to ₹22,527 crore, becoming the largest listed developer in terms of sales.

This fiscal year, it's on track to achieve the sales bookings target of ₹27,000 crore, along with achieving its highest-ever deliveries and collections, said Godrej.

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GPL added two group housing projects in Pune and Bengaluru with an estimated booking value of ₹3,000 crore during the quarter and plans to launch real estate of 21.9 million sq. ft during 2024-25 with an expected booking value of ₹30,000 crore.

GPL also said its market capitalization crossed $10 billion for the first time.