Real estate company Godrej Properties Ltd. has already purchased several land parcels this fiscal year that have the potential to bring in about Rs 20,000 crore in revenue in an effort to grow its business in the face of high housing demand. In order to accomplish Rs 15,000 crore in new business development—which entails acquiring land parcels through outright purchases and agreements with landowners—Godrej Properties has surpassed the fiscal year 2023–24 target.
Godrej Properties CEO and Managing Director Gaurav Pandey stated that the company has already surpassed its yearly target of Rs 15,000 crore for new business growth with the purchase of two land parcels earlier this week.
The company formed a joint venture in Bengaluru and bought two pieces of property outright in Hyderabad and Noida during the current quarter. With the addition of these three acquisitions, overall revenue for this fiscal year is expected to reach approximately Rs 20,000 crore, with a cumulative revenue contribution of about Rs 11,500 crore.
Pandey, who is optimistic about the housing market's future expansion, anticipates adding a couple additional property parcels this month for future development. The business is assessing many landlord proposals. Godrej Properties purchased land parcels with a potential revenue of more than Rs 32,000 crore after development for the whole 2022–2023 fiscal year.
Godrej Properties paid Rs 506 crore to acquire a 6.46-acre plot of land in Noida earlier this week with the intention of building a housing complex with an expected income of Rs 3,000 crore.
This will be Godrej Properties' sixth project in Noida. Godrej Properties announced on March 4 that it had joined a profit-sharing joint venture to construct a 62-acre Bengaluru township with potential revenue of around Rs 5,000 crore. The township project, which spans 62 acres, will provide about 5.6 million (56 lakh) square feet of saleable area, mostly made up of upscale residential apartments.
The company said in a regulatory filing on Tuesday that it was "declared the highest bidder and has secured the allotment letter to develop a prime land parcel in Noida through an e-auction conducted by the NOIDA Authority." The land lot in Sector 44, Noida, has an estimated revenue potential and 1.4 million (14 lakh) square feet of construction potential.
Godrej Properties entered the Hyderabad market last month when it paid Rs 350 crore to acquire a 12.5-acre plot of land in order to develop a housing project with an estimated 3,500 crore in potential revenue. As a division of the corporate conglomerate Godrej Group, Godrej Properties is well-known in Bengaluru, Pune, Delhi-NCR, and the Mumbai Metropolitan Region (MMR).
Due to the high demand for its residential projects, Godrej Properties' sale bookings are expected to exceed the annual projection of Rs 14,000 crore this fiscal year, with an expected 50% annual increase.
In 2022–2023, the Godrej Group's real estate division sold properties for a total of Rs 12,232 crore. Godrej homes Executive Chairperson Pirojsha Godrej stated in a PTI interview last month that the company hopes to replicate the performance of the previous two quarters by selling homes valued at over Rs 5,000 crore between January and March of this fiscal year.