Proptech

Godrej Properties Sells Over 600 Flats in Gurugram Luxury Housing Project

• ByStartupStory     |    December 26, 2023

Godrej Properties Ltd announced on Tuesday that it has successfully sold more than 600 flats in its newly launched luxury housing project, Godrej Aristocrat, located in Gurugram, Haryana. The company reported that the sales value of the inventory surpassed Rs 2,600 crore. The project, spread across 9.5 acres in Sector 49 on Golf Course Extension Road, will comprise nearly 750 apartments with a starting price of approximately Rs 4 crore per unit.

This achievement marks the company’s most successful launch in terms of sales value, surpassing its previous best of over Rs 2,000 crore at Godrej Tropical Isle in Noida last quarter. Gaurav Pandey, MD & CEO of Godrej Properties, expressed the significance of Gurugram as a key market for the company. He stated that Godrej Properties aims to introduce four new projects in Gurugram in 2024.

During the April-September period of the fiscal year 2023-24, Godrej Properties recorded a 48% growth in sales booking, amounting to Rs 7,288 crore, compared to Rs 4,929 crore in the corresponding period last year. The Delhi-NCR market contributed significantly to this growth, contributing Rs 3,186 crore to the total sales booking.

Pirojsha Godrej, Executive Chairperson of Godrej Properties, highlighted the company’s focus on launching and executing new housing projects across major cities, including Noida, Gurugram, and Ashok Vihar, Delhi. Godrej Properties has an aggressive launch pipeline for the second half of the fiscal year in four key markets – Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru.

Pirojsha expressed confidence in the company’s ability to achieve its sales target of Rs 14,000 crore for the fiscal year, driven by strong demand for its ongoing and upcoming housing projects. The company had achieved sales worth Rs 12,232 crore in the previous fiscal year.

On the financial front, Godrej Properties reported a 22% increase in consolidated net profit to Rs 66.80 crore during the September quarter of FY24, compared to Rs 54.96 crore in the same period last year. The company’s total income rose to Rs 605.11 crore during the period, up from Rs 369.20 crore in the corresponding period of the previous year.

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