**Bengaluru: Godrej Properties Aims for Profitable Growth and Market Expansion**
Godrej Properties Ltd is focusing on profitable growth, land acquisitions for expansion, and increasing its market share, according to a senior executive. The Mumbai-based developer has already achieved 71% of its sales target of ₹27,000 crore for the fiscal year 2024-25, driven by robust housing demand and sales. In FY24, the company recorded sales bookings of ₹22,500 crore, making it the leading developer in the sector.
Pirojsha Godrej, executive chairperson of Godrej Properties, stated in an interview, “We are confident of meeting our sales guidance in the fourth quarter, which is typically the strongest period for real estate. We have several launches planned across various cities, including Hyderabad, Noida, Pune, and Gurugram, along with two luxury projects in Mumbai.”
**Significant Profit Increase**
On Tuesday, the company announced a remarkable 152.23% increase in net profit, reaching ₹158.20 crore for the October-December quarter, compared to ₹62.72 crore in the same period last year. Revenue surged by 193.2% to ₹968.88 crore during this timeframe.
Godrej emphasized, “While we are currently the largest residential developer in India, our market share in the regions we operate is still modest, remaining in the single digits. In FY24, we approached a 10% market share in the NCR, which is likely our largest market. This indicates substantial growth potential for Godrej Properties.”
The three-month period ending in December marked the sixth consecutive quarter in which Godrej Properties achieved over ₹5,000 crore in sales bookings, highlighting the favorable conditions in India’s residential real estate sector.
In FY25, the company has already added projects with a future sales value exceeding ₹23,000 crore, surpassing its annual guidance of ₹20,000 crore. In December, Godrej Properties raised ₹6,000 crore by selling shares to institutional investors, including GIC, Blackrock, and SBI Pension, through a qualified institutional placement (QIP) to support its expansion amid strong demand for residential properties.
**Accelerating Growth**
“This capital enables us to accelerate our growth trajectory. We must continue to execute effectively, acquire land, launch new projects, and strengthen our presence in the cities we operate in to enhance our market share,” Godrej remarked.
Approximately 80-90% of its group housing projects will concentrate on key cities, including the Mumbai Metropolitan Region (MMR), Delhi-National Capital Region, Pune, Bengaluru, and Hyderabad. Godrej Properties is also considering opportunities in markets like Kolkata and Ahmedabad for plotted development projects, expressing willingness to explore the top 20 or more cities.
After achieving around ₹73,000 crore in residential sales bookings in FY24, a significant milestone for India’s real estate sector, the top four publicly listed developers—Godrej Properties, DLF Ltd, Macrotech Developers Ltd, and Prestige Group—are collectively targeting nearly ₹88,000 crore in sales.
