Godrej Properties shares spike over 7.5% to record high on strong Q4 sales
Godrej Properties, a leading real estate developer in India, witnessed a remarkable 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 outstanding performance for the quarter ending March.
In a regulatory filing on Monday, the company reported a phenomenal 135% year-on-year growth in bookings, totaling over ₹9,500 crore for Q4 FY24. “This is the highest-ever quarterly sales announced to date by any publicly listed real estate developer in India. This was achieved through the sale of 5,331 homes with a total area of over 8 million sq. ft.,” the company said.
For the fiscal year 2024, Godrej Properties’ bookings surged by 84% year-on-year, exceeding ₹22,500 crore. This growth surpassed the company’s initial guidance by 61%, reflecting exceptional performance.
The company stated, “This is the highest ever annual sales announced to date by any publicly listed real estate developer in India,” achieved through the sale of 14,310 homes covering 20 million sq. ft.”
Godrej Zenith in NCR secured bookings worth over ₹3,000 crore, while Godrej Reserve in MMR attained bookings totaling ₹2,690 crore. Both of these projects marked the most successful launches ever for GPL in their respective markets.
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In FY24, four projects, including Godrej Aristocrat launched in Q3 and Godrej Tropical Isle launched in Q2, achieved booking values surpassing ₹2,000 crore. Bookings in NCR for FY24 surged by 180% to over ₹10,000 crore, while bookings in MMR grew by 114% to surpass ₹6,500 crore, as per the company’s regulatory filing.
Gaurav Pandey, MD and CEO of Godrej Properties said, “We are delighted with the scale-up we have achieved in the past two years. The sales bookings of over ₹9,500 crore in Q4 FY24 surpass our annual bookings in FY22.
“We achieved a growth of 84% in FY24 to register bookings of over ₹22,500 crore. We are pleased that this sales growth was on the back of both an improving project mix and strong volume growth of 31%.,” Gaurav added.
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Meanwhile, the demand for residential properties in India is on the rise, driven by the expanding economy, as individuals actively seek to purchase homes, particularly in the luxury segment. Significant investments from high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs) in the Indian residential market are further bolstering this demand.
Cities like Delhi, Mumbai, Bengaluru, and Hyderabad are experiencing a surge in demand for premium flats, leading developers to introduce more projects tailored to this segment. Despite the sharp increase in home prices, the demand continues to grow steadily.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 09 Apr 2024, 10:13 AM IST
