Godrej Properties has posted 55 per cent drop in net profit at Rs 10 crore for the quarter-ended June 30, against Rs 22 crore logged in the same period last year.

However, income increased 84 per cent to Rs 135 crore from Rs 73 crore. Booking value grew by 70 per cent to Rs 232 crore (Rs 137 crore).

Mr Adi Godrej, Chairman, said: “Godrej Properties had a robust 83 per cent growth in its total income in what has been a difficult quarter for the real estate sector. Our Ahmedabad township project, Godrej Garden City, has continued to receive an excellent response with over 0.24 million sq.ft of sales during the quarter, which brings the total sold units in the project to 3.3 million sq.ft. We expect to see similar traction for the recently launched towers of the third phase of this project. During the quarter, we signed a joint development agreement for a residential project in Mumbai, demonstrating our ongoing ability to source new deals through the joint development model.”

On real estate prices in Mumbai, Mr Godrej said he expected it to remain stable in the next six months as despite drop in sales, supply had been chocked due to delays in obtaining clearances.

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