Godrej Properties buys 12 lands for projects worth Rs 23,450 crore, talks are on in many other cities as well
Godrej Properties has acquired 12 land plots during the April-December period of the current financial year for housing projects worth Rs 23,450 crore. The company plans to buy more land in the current quarter to expand the business amid tremendous demand. Godrej Properties has acquired land as part of new business development and has also entered into partnerships with land owners. Pirojsha Godrej, Executive Chairperson, Godrej Properties said that ‘business development remained very strong during the December quarter.’
Godrej Properties crosses Rs 20,000 crore target
He said the company has signed new projects with a total booking potential of about Rs 11,000 crore during the third quarter of the current financial year. Godrej said business growth crossed Rs 23,000 crore during April-December. “We had set a target of Rs 20,000 crore, so we have already crossed the full year target for business growth,” Pirojsha said. In its latest presentation to investors, Godrej Properties said that the company has added 12 projects during the April-December period of the current financial year, with a total estimated saleable area of 169 lakh sq ft and ‘total estimated booking value potential of Rs 23,450 crore.’
Pipeline very strong, talks with landowners in many cities
When asked about future land acquisition, Pirojsha said that the pipeline is very strong and the company is in talks with landowners in many cities. He said that the company can reach the figure of Rs 30,000 crore in new business development in the current financial year. Pirojsha said, “We have raised Rs 6,000 crore through qualified institutional placement (QIP) in the December quarter. Raising this fund has strengthened the book and provided good capacity to invest for growth.”
