Demand for Godrej's Mumbai, NCR real estate launches is strong, and the company believes that demand might surpass FY25 projections

Demand for Godrej's Mumbai, NCR real estate launches is strong, and the company believes that demand might surpass FY25 projections

According to chairman Pirojsha Godrej, a Bengaluru project that had been dormant for 10 years was brought back to life during Q4FY24 and has the potential to generate an additional Rs 5,000 crore in booking value.

Godrej Properties' stock saw a record high on May 6 due to significant purchasing activity after solid Q4 earnings and encouraging sales trends.

Godrej Properties, a developer located in Mumbai, is optimistic that a robust housing demand in key metro areas might help reach the booking projection for this year. The company hopes to expand on the record sales it witnessed in FY24.

Godrej Properties' stock saw a record high on May 6 due to significant purchasing activity after solid Q4 earnings and encouraging sales trends. For FY24, it revealed the highest-ever sales figures for any public real estate company.

In an interview with CNBC-TV18, Executive Chairman Pirojsha Godrej said that the real estate developer's recent launches in the Mumbai and NCR regions had gotten positive feedback, and that demand for its high-end projects in Bengaluru and Pune would hopefully increase this year as well. "We are seeing very robust responses to projects by credible developers, so we feel that the kind of expansion of our company we did, over the last three or four years has left us strategically placed to have a launch pipeline in FY25 that can support this kind of growth," said Pirojsha Godrej.

Godrej Properties also joined the Hyderabad market in the fourth quarter, bringing a booking value of Rs 5,000 crore to two of its projects. According to Pirojsha Godrej, this year's plans include for launching projects in many major cities and aiming for a 20% increase in sales reservations. "We have several new geographies that we think can show significant increases over last year, and some the ones that did perform very well last year, like NCR as well as Mumbai, given what's in store this year, do have the opportunity to grow," Godrej said to CNBC-TV18.

For FY25, the developer has projected sales bookings of Rs 27,000 crore, which is 20% more than the high base it experienced in the previous fiscal year. He had recently told PTI, "We are really excited to see the kind of enthusiasm in the business."