Godrej Properties sells 5000 homes worth ₹9,500 crore in Q4FY24

Real estate developer Godrej Properties has announced its best ever quarterly and annual sales having sold over 5,000 homes during the fourth quarter of fiscal year 2024.

The company said in an exchange filing that bookings grew 135% year-over-year (y-o-y) to over ₹9,500 crore in Q4FY24. “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 square feet,” it stated.

For the entire fiscal 2024, bookings grew 84% y-o-y to ₹22,500 crore. The company claims this is the highest ever annual sales announced till date by any publicly listed real estate developer in India. “This was achieved through the sale of 14,310 homes with a total area of 20 million square feet,” it said.

Godrej Properties achieved 161% of its booking value guidance for FY24 with volume growth of 31% during the year to 20 million square feet and an improved project mix. Sales volume for Q4FY24 grew by 56% to 8.17 million square feet.

Detailing the sales achieved by individual projects, the company pointed out that Godrej Zenith in NCR achieved a booking value of more than ₹3,000 crore while Godrej Reserve in MMR achieved a booking value of ₹2,690 crore. Godrej Properties saw its bookings in NCR grow by 180% in FY24 to over ₹10,000 crore while bookings in MMR grew by 114% to over ₹6,500 crore.

Gaurav Pandey, MD & CEO of Godrej Properties said the company continues to have a strong launch pipeline for the current year, which will also be bolstered by its recent entry into the important Hyderabad market. “We have built a deep understanding across the key real estate markets in India and are greatly excited by the potential the next several years offer for us to deliver sustained high-quality performance across all key operating metrics,” he said.

Shares of Godrej Properties have returned over 29% since the beginning of the year.