Godrej Properties Executive Chairman Pirojsha Godrej
Godrej Properties Executive Chairman Pirojsha Godrej

Godrej Properties' sales bookings grew by 14 percent to an all-time high of Rs 6,725 crore during the last financial year, despite a slowdown in the property market due to the pandemic.

In an investor presentation, the Mumbai-based company said it has achieved sales bookings of more than Rs 1,300 crore each across its four major markets -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune.

"Godrej Properties Ltd is amongst India''s largest developers by booking value. Total booking value in FY21 grew by 14 percent YoY (Year-On-Year) to Rs 6,725 crore," the company said in the presentation.

The residential segment contributed Rs 6,663 crore, while commercial projects Rs 62 crore in the overall sales bookings during the 2020-21 financial year.

Of the total sales bookings, Godrej Properties said the sales from existing inventory stood at Rs 4,550 crore, while sales from new launches stood at Rs 2,175 crore. "Sold 9,345 homes (YoY growth of 27 per cent) with a total area of 10.8 million sq ft (YoY growth of 23 per cent) in FY21," Godrej Properties said.

Stating that the company has achieved strong performance across all four focus markets with sales volume above 1.5 million sq ft and sales value above Rs 1,300 crore.

In Bengaluru, the company registered total sales of 3 million sq ft through the sale of 2,320 homes, with a booking value of Rs 1,344 crore.

Godrej Properties sold 1.58 million sq ft area through the sale of 1,751 homes having a booking value of Rs 1,528 crore in the MMR.

In Pune, it registered total sales of 2.68 million sq ft through the sale of 2,830 homes with a booking value of Rs 1,571 crore.

The company clocked total sales of 2.65 million sq ft through the sale of 1,462 homes constituting a booking value of Rs 1,912 crore in the Delhi-NCR market.

In an interview with PTI in February, Godrej Properties Executive Chairman Pirojsha Godrej had expressed confidence that the company would achieve an all-time high sales bookings in 2020-21 fiscal.

When he was asked whether sales bookings would be higher than 2019-20, Pirojsha had said: "Yes, that''s almost for sure. We will definitely grow bookings over the last year. Whether it is 5-10 percent or 15-20 ...we will have to see".

Although housing sales fell around 40-50 percent during the 2020 calendar year, real estate firms that have a better track record of executing projects gained market share. Housing demand is consolidating towards trusted players, according to experts.

In the full 2020-21 financial year, Godrej Properties reported a net loss of Rs 189.43 crore as against a net profit of Rs 273.94 crore in the previous fiscal.

Total income declined to Rs 1,333.09 crore in 2020-21 from Rs 2,914.59 crore in the previous fiscal

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal

www.freepressjournal.in