In a bid to expand the business, Godrej Properties acquired 10 land parcels, of which eight were outright, last financial year, to build housing projects worth over ₹21,000 crore and has set a target for this fiscal, to buy more parcels that can generate sales bookings of ₹20,000 crore.

In its investors presentation, Godrej Properties, informed that it "added 10 new projects with an expected future booking value of ₹21,225 crore".

For the last 2023-24 fiscal, Godrej Properties had given a guidance of ₹15,000 crore for new business development, which means acquiring land parcels, through an outright basis, and joint development with land owners.

Godrej Properties, has given an annual guidance of ₹20,000 crore for this fiscal year, under the new business development.

In investors call, Godrej Properties Executive Chairperson Pirojsha Godrej said, there is no upper cap for business development, and the company would acquire more land, if there are right opportunities.

"...If we see great opportunities, ₹20,000 crore is not going to form any kind of upper cap certainly. We have seen in past years, for example, in FY23, where I think we guided around ₹15,000 crore and ended up doing 35,000 crore or so.

"So, certainly I would not look at this ₹20,000 crore, as an upper cap, and we would hope to if we see the right opportunities, go well past this," he said.

The company, which is part of Godrej Industries group, is one of the leading real estate developers in the country. It has a major presence in four markets -- Mumbai Metropolitan Region (MMR), Delhi-NCR (National Capital Region), Pune and Bengaluru. It recently entered the Hyderabad property market.

Out of the 10 land parcels acquired in the 2023-24 fiscal, the presentation showed, that four land parcels are in Delhi-NCR, two each in Bengaluru and Hyderabad, and one each in Kolkata and Nagpur. The total saleable area in these 10 future real estate projects is estimated at 18.93 million square feet.

On the new supply guidance, Godrej Properties plans to launch residential projects worth ₹30,000 crore this fiscal across major cities to achieve 20 per cent growth in sales bookings.

In the last fiscal, the company's sales bookings jumped 84 per cent to a record ₹22,527 crore, from ₹12,232 crore in the preceding year. This is the highest sales reported so far by any listed entity for FY24.

According to investors presentation, Godrej Properties plans to launch 21.9 million (219 lakh) square feet area, this fiscal with an estimated sales booking value of ₹30,000 crore.

Earlier this month, Godrej Properties, reported its highest-ever quarterly profit, as earnings jumped 14 per cent annually to ₹471.26 crore in the March quarter. Its net profit stood at ₹412.14 crore in the year-ago period.

Total income rose to ₹1,914.82 crore in the fourth quarter of FY24, from ₹1,838.82 crore in the year-ago period.

During the 2023-24 fiscal, the company's net profit increased to ₹725.27 crore, from ₹571.39 crore in the preceding year.

Total income rose to ₹4,334.22 crore in FY24, from ₹3,039 crore in 2022-23.

The company delivered 12.5 million square feet area in the last fiscal, and is targeting to scale it up to 15 million square feet in 2024-25.

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