Godrej Properties Leads Indian Residential Real Estate Sales in 2024 | Quick Digest
Godrej Properties has solidified its position as India's leading residential real estate developer for the calendar year 2024, achieving record property sales. The company reported significant growth in sales bookings and net profit, driven by strong housing demand across major cities.
Godrej Properties became India's top residential developer in 2024.
Achieved record property sales of ₹28,800 crore in 2024.
Q3 FY24 sales bookings soared by 76% to ₹5,720 crore.
Net profit increased by 6% in Q3 FY24 to ₹62.47 crore.
Demonstrates strong performance amidst robust housing demand in India.
Exceeded annual booking guidance significantly for FY24.
Godrej Properties Limited (GPL) has firmly established itself as India's leading residential real estate developer for the calendar year 2024, achieving an unprecedented ₹28,800 crore in property sales. This milestone marks the highest-ever booking value and largest area sold by any listed real estate developer in a single calendar year, reflecting a remarkable 69% growth in booking value and 54% volume growth, with 26.38 million square feet sold.
The company's robust performance extended into the third quarter of the fiscal year 2024 (Q3 FY24), which ended December 31, 2023. During this period, Godrej Properties reported a 6% increase in consolidated net profit, reaching ₹62.47 crore, up from ₹58.49 crore in the corresponding quarter of the previous year. Sales bookings for Q3 FY24 witnessed a substantial 76% year-on-year surge, totaling ₹5,720 crore. This marked the company's highest-ever quarterly sales for the second consecutive quarter. Furthermore, collections advanced by 43% to ₹2,411 crore in Q3 FY24. For the first nine months of FY24, sales bookings grew by 59% year-on-year to ₹13,008 crore.
The success was driven by strong demand for new launches, notably the Godrej Aristocrat project in Gurugram, which garnered bookings exceeding ₹2,600 crore within the quarter, making it GPL's most successful launch to date. Pirojsha Godrej, Executive Chairperson, expressed confidence in significantly surpassing the company's initial bookings guidance for FY24. The company indeed exceeded its FY24 booking value guidance, achieving over ₹22,500 crore in sales bookings for the fiscal year ending March 2024, surpassing other major developers. This strong performance underscores the sustained bullish trend in India's residential real estate sector and Godrej Properties' strategic expansion, including acquiring new land parcels and launching numerous projects across key cities like Delhi-NCR, Mumbai Metropolitan Region, and Bengaluru.
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