Godrej Properties Acquires Land for Rs 23,450 Cr Projects in FY 2024-25

During the period of April-December 2024, the company had phenomenal success in acquiring land parcels for the development of housing projects amounting to Rs 23,450 crore as it expanded its land bank by 12 parcels. In an interview with ET, the company’s Executive Chairperson, Pirojsha Godrej, explained that business development in the third quarter of the fiscal year had been particularly strong, with new projects signed that have a collective potential booking value of nearly Rs 11,000 crore.

As of December, the company’s total business development value crossed Rs 23,000 crore, exceeding the target of Rs 20,000 crore for the year. These 12 recently acquired projects span an estimated saleable area of 169 lakh square feet and are a key part of Godrej Properties’ growth strategy.

Pirojsha Godrej said the company has a healthy land acquisition pipeline as it continues to hold talks with landowners in several cities. We expect to cross the Rs 30,000 crore mark for new business development by the end of the fiscal year, and Janata has been a key component of this growth,” Karthik said.

Besides good project acquisitions, Godrej Properties managed a Qualified Institutional Placement (QIP) of Rs 6,000 crore in the December quarter. The new capital also enhances the company’s balance sheet, providing it a robust footing for more investments ahead.

The company is also on course to achieve its sales bookings target for the full-year target of Rs 270 billion, faring well over the first nine months of FY 2024-25 with pre-sales of Rs 192.81 billion. This is an increase of 158 percent compared to Rs 13,008 crore during the same period last year.

For April-December 2024-25, Godrej Properties net profit surged to Rs 1,017.90 crore from Rs 254.01 crore in the previous year. Total income jumped to Rs 4,285.99 crore from Rs 2,419.40 crore.

Godrej Properties has a significant presence in key markets such as Mumbai, Pune, Delhi-NCR, and Bengaluru, and is further expanding its footprint in high-growth cities like Hyderabad and tier II cities for plotted developments.