9 April 2024 – Godrej Properties Ltd witnessed a remarkable surge in its share price, soaring by 8% to reach a 52-week high of Rs 2,791.80. This uptick came on the heels of the company’s announcement regarding robust growth in bookings for the March quarter and fiscal year 2024 (FY24). As of 1.28 pm, the stock was trading nearly 5% higher at Rs 2,710, marking the fourth consecutive day of gains. Over the past six months, the stock has seen an impressive surge of 66%, with a 35% increase recorded in the year so far.
The company reported a significant year-on-year increase of 135% in bookings for the March quarter, amounting to Rs 9,500 crore. This figure represents the highest-ever quarterly sales achieved by any publicly listed real estate developer in India. The surge in bookings was primarily driven by the sale of 5,331 homes covering over 8 million square feet.
FY24 witnessed a notable 84% surge in bookings compared to the previous year, surpassing the company’s initial guidance by 61%. During this fiscal year, Godrej Properties sold 14,310 homes, encompassing 20 million square feet. Notable contributions to this growth came from new project launches such as Godrej Zenith in NCR and Godrej Reserve in MMR, which recorded booking values exceeding Rs 3,000 crore and Rs 2,690 crore, respectively.
Gaurav Pandey, MD and CEO of Godrej Properties, attributed the sales growth to an improved project mix and a robust volume increase of 31%. Pandey expressed confidence in the company’s strong launch pipeline for the current year, particularly with its recent entry into the Hyderabad market.
