Godrej Properties’ Record Sales

Godrej Properties expects its sales bookings during the ongoing fiscal to be at an all-time high, beating the previous year’s record Rs 5,915 crore despite the COVID-19 pandemic, as housing demand is consolidating towards trusted developers, a top company official said. Godrej Properties Executive Chairman Pirojsha Godrej said sales bookings during June quarter grew 71 per cent to Rs 1,531 crore, surpassing even his expectations. He said the attractive payment plan (10:90) offered by the company played an important role in robust sales bookings during the June quarter, and in fact contributed around 80 per cent to the overall sales. The company achieved an average 11 per cent price increase under this scheme, which was launched for only under construction projects The company’s focus is to add new projects for developments and gain market share in four key markets — Delhi-NCR (National Capital Region), Mumbai Metropolitan Region (MMR), Bengaluru and Pune. During 2019-20 fiscal year, Godrej Properties achieved sales bookings of Rs 5,915 crore, highest among listed realty firms. The strong sales bookings in the first quarter signals that housing demand is consolidating towards trusted developers with healthy balance sheets, he said. Godrej Properties targets to launch 15 million sq ft area in phases in existing projects and new projects. Pirojsha said financial numbers would remain poor this year due to adverse impact on construction activities during the pandemic, which will affect revenue recognition process. Godrej Properties raised Rs 1,000 crore in July through allotment of unsecured, redeemable, non-convertible debentures on a private placement basis for a term of three years at 7.5 per cent interest rate.