Realty firm Godrej Properties will launch as many as 12 housing projects in the country during this quarter. Godrej Properties is the real estate arm of the business conglomerate Godrej group. It has projects in major cities such as Mumbai, Bengaluru, Delhi-NCR and Pune
Godrej Executive Chairman Pirojsha Godrej said, “The residential property market has started to recover from multi-year slowdown with big developers reporting improvements in their sales numbers. Third quarter (October-December) was pretty good. Mixed bag. Accounting numbers did not look great because the number of projects we are going to complete this year will be quite low due to six months of construction loss in view of lockdown,” Pirojsha added.
The operating performance was quite strong as sales bookings in the third quarter were just under Rs 1,500 crore, up 25 per cent year-on-year and 38 per cent quarter-on-quarter, he highlighted.
For the first nine months of this fiscal, he said sales bookings grew 16 per cent, “which is pretty good number given all the craziness of this year.”
According to an investor presentation, the company’s sales bookings rose 25 per cent to Rs 1,488 crore. In the first nine months of 2020-21 fiscal, sales bookings were up 16 per cent at Rs 4,093 crore. In the full 2019-20 fiscal year, the company posted record sales bookings of Rs 5,915 crore, highest among listed realty firms.
Pirojsha highlighted that sales collection from customers in Q3 was higher than the first two quarters combined. “Overall we are feeling very optimistic. The sector has started to turn. We are seeing good numbers in our sales but equally and importantly most of the leading developers have now reported uptick. That’s good to see,” he observed
