Monday, April 6, 2020

Godrej Properties sees 10% rise in Q4FY20 bookings, FY20 residential sales up 14%

The company launched 17 new projects and phases in FY20, including six in Q4, and added 10 new projects in the year.

Representative image

Mumbai-based Godrej Properties' booking value during the January-March quarter of FY20 stood at Rs 2,380 crore, registering a 100 percent growth sequentially and 10 percent year-on-year.
The company sold over 3,000 homes in the fourth quarter.
"The number of homes sold and the value of homes sold were the highest the company has achieved in any quarter," the real estate developer said in its BSE filing.
The sales in Q4 included over 500 homes sold in the second half of March as the company focused on digital sales tools to sustain operations despite the lockdown due to coronavirus, it added.
Godrej Properties said the booking value for FY20 increased 11 percent YoY at Rs 5,915 crore with residential sales rising by 14 percent YoY to Rs 5,840 crore comprising of over 7,300 homes sold.
Sustenance sales grew YoY by 48 percent in FY20 to Rs 3,048 crore, it added.
The company launched 17 new projects and phases in FY20, including six launches in Q4, while it added 10 new projects in FY20 including 5 new projects in Q4.
Godrej 24 in Pune received its occupation certificate in Q4 within 24 months of starting construction, the developer said.
According to the company, the start of FY21 may be muted as the lockdown and the subsequent economic toll may postpone economic activity. But its healthy balance sheet and project pipeline will help maintain operational momentum in the months ahead, Godrej Properties said.
Last week, the real estate developer added two new residential projects in Worli and Matunga, Mumbai.
"GPL will jointly develop a land parcel in the upscale neighbourhood of Worli, which will offer approximately 0.11 million square meters (1.17 million square feet) of saleable area as part of a redevelopment project," said company.
Matunga (E) project will offer approximately 16,000 square meters (0.17 million square feet) of saleable area comprising of residential apartments of various configurations, it added.

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