This fiscal year, Mumbai-based Godrej Properties hopes to expand with new housing projects totaling over ?15,000 crore by making outright purchases of land and entering into collaborative ventures with landowners. GPL's Executive Chairman Pirojsha Godrej said.
The company's sales bookings increased five-fold to ?2,520 crore between April and June, setting a record for its first quarter's sales. Despite a rise in mortgage interest rates and a rise in housing costs, he anticipates that sales momentum will continue in the remaining quarters of this fiscal year.
"We had laid out ?10,000 crore as our goal for booking values during the current fiscal year. We have already achieved 25 percent of our target which is a good start, especially considering that sales in the third and fourth quarter are generally strongest," said Pirojsha.
GPL established a target of ?10,000 crore for FY'23 and recorded sales booking of ?7,861 crore for the fiscal year 2021–2022. "Last year we did ?7,800 crore worth of sales bookings. We have set a target for 27 per cent growth in this fiscal. Of course our aspiration will be to always do more, but we would not revise that goal for now," said Pirojsha.
About 20 residential projects, including new ones and new phases of existing projects, are part of the company's launch plan. As opposed to 6.5 million square feet in 2021–2022, GPL anticipates delivering 10 million square feet within the current fiscal year.
On acquisition of new land parcels for future development, Pirojsha said: "The pipeline is super strong." GPL is looking at "exciting" and "some big" opportunities for outright purchases of land parcels as well as joint ventures with land owners, across all four focus markets -- Mumbai, NCR, Pune, Bengaluru.
Pirojsha said would like to add projects with a gross development value (GDV) of ?15,000 crore in order to continue growth in sales bookings. The company has started utilizing the surplus cash and invested ?500 crore in the first quarter to acquire new projects. "Most of the funds are still available which we will be deploying over the coming quarters," he added.
