Rapid Increase in Godrej Properties Ltd.’s Sales Bookings
In the second quarter of the current fiscal, Godrej Properties Limited has seen a two-fold increase of its sales bookings estimated at a cost of Rs. 880 crores in spite of the economic slowdown of the real estate market.
Godrej Properties Ltd. which has had record sales bookings of 333 crore in the July-September period of the previous fiscal year is reported to have a two-fold rise in the second quarter of the current fiscal year. This increase has been estimated to be around 880 crores as per reports from an investors’ presentation on behalf of Godrej Properties.
Previous Property Sales bookings:
- The realty department of the Godrej Group has previously sold around 13.97 lakh sq. ft. in July September quarter as compared to a 5.05 lakh tonnes figure which was in the previous year period.
- ‘Godrej City’, a Gurgaon based project at Panvel is said to have contributed an amount of Rs. 190 crore through its sales.
- A total of 300 apartments which amounts to 90% of the total inventory were sold within the first 2 days of its launch raising an average price value of Rs.5700/sq. ft. for the apartments.
Reasons cited:
- The totally unexpected and excellent response received at the launch of the new projects as well as for the already existing projects has been cited to be a contributing factor to the increase in sales value and volume.
Project Plans:
- In the upcoming project that is based at Gurgaon and named ‘Godrej Aria’ and whose sales bookings were done in the second quartile is estimated to contribute an approximate amount of Rs.284 crore.
- The Project was launched in September.
- Over 250 apartments were sold within the first 3 weeks of opening of sales bookings and the average selling price for these apartments have been calculated to be worth Rs.7000 per sq. ft.
The first half of the 2014-15 fiscal year, property sales for Godrej Properties underwent a rapid increase of 80% sale worth rising from Rs.944 crore last year to Rs.1704 this year.
The April-September period saw another significant rise with the volume being increased to 24.89 lakh sq. ft. as compared to 11.09 lakh sq. ft. last year. However, in spite of a 36 percent net rise in profit of Rs.46.6 crore, the total income has been estimated to have dropped by 4 percent.
Source: Financial Express
Godrej Group, Godrej Properties Limited, Godrej Properties Ltd, property in Gurgaon, realty department
