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New Delhi, <keyword id="45432" type="General" weightage="20" keywordseo="Godrej-Properties" source="Orion">Godrej Properties</keyword>' net debt rose 45 per cent during April-June period of this fiscal to Rs 5,298 crore from the previous quarter on aggressive land purchase across major cities. According to an investor presentation, net debt of Godrej Properties -- the real estate arm of business conglomerate Godrej Group -- stood at Rs 5,298 crore as on June 30, 2023 as against Rs 3,649 crore at March-end. Debt-equity ratio stands at 0.56. Since April last year, Godrej Properties has been aggressive in new business development under which the company is purchasing land outright and also entering into joint development agreements (JDAs) wth land owners to create a pipeline for future development. It focuses on Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru markets. Enthused by strong housing demand, the company acquired 18 land parcels last fiscal year for development of new projects with an estimated sales potential of Rs 32,000 crore. It purchased four new land parcels with an estimated saleable area of 3.7 million square feet and expected booking value of Rs 6,450 crore between April-July period of this fiscal. Replying to a query whether the debt will increase further, Gordrej Properties Executive Chairman Pirojsha Godrej said, "I think you will see some increase...given the business development over the next couple of quarters." "But we think thereafter next year, we think the calendar 2024 is when there's a lot of these project launches happening...we expect very strong positive operating cash flows," he added. Earlier this month, Pirojsha had said the company's sales performance remained muted in April-June, but the company will meet the annual target to sell properties worth Rs 14,000 crore this fiscal. Godrej Properties' sale bookings fell 11 per cent year-on-year during the first quarter of 2023-24 to Rs 2,254 crore. "In terms of sale bookings, April-June was a weak quarter for us. But in deliveries, it was strong as we did nearly 5 million square feet area. Our annual guidance for deliveries is 12.5 million square feet," he had said in an interview. He exuded confidence that the company will achieve "healthy growth" in sale bookings during the remaining three quarters. Pirojsha said the company would achieve or even better the annual sales guidance of Rs 14,000 crore in 2023-24 against Rs 12,232 crore in the previous fiscal. Godrej Properties launched very few residential projects during the first quarter of 2023-24 and the bulk of bookings came from the ongoing projects. The pipeline of new launches is "very strong", he had said. On the financial performance front, the company recently reported a nearly three-fold jump in consolidated net profit to Rs 124.94 crore for the first quarter as against Rs 45.55 crore in the year-ago period. Total income rose to Rs 1,265.98 crore in April-June 2023-24 from Rs 426.40 crore in the corresponding period of the previous year.

Godrej Properties' Q1 net debt up 45% to Rs 5,298 cr from March-end; may rise further

Enthused by strong housing demand, realty firm Godrej Properties Ltd has acquired 18 land parcels last fiscal for development of new projects with an estimated sales potential of around Rs 32,000 crore. Mumbai-based Godrej Properties, which is part of business conglomerate <keyword id="133008" type="General" weightage="20" keywordseo="godrej-group" source="Orion">Godrej Group</keyword>, had given a guidance that for future development it would add land parcels that have sales revenue potential of Rs 15,000 crore. However, the company's new business development, which means addition of new land parcels, jumped more than two-fold of annual guidance. Godrej Properties acquires land outrightly and also enters into joint development agreements (JDAs) with landowners to create a pipeline of future projects and expand its business. In a recent regulatory filing, the company presented its operational performance for 2022-23. Godrej Properties highlighted that it has added "18 new projects in FY23 with a total estimated saleable area of nearly 29 million square feet and total estimated booking value of around Rs 32,000 crore." In the fourth quarter of last fiscal, five new projects were added with an expected sales booking value of Rs 5,750 crore. Among big-ticket deals in FY23, the company acquired an 18-acre land parcel in Kandivali, Mumbai for Rs 750 crore to develop a luxury housing project with an estimated revenue potential of about Rs 7,000 crore. It also acquired legendary film actor, director and producer Raj Kapoor's bungalow at Chembur in Mumbai to develop a luxury housing project. In February last year, Godrej Properties Executive Chairman Pirojsha Godrej had said that the company would invest around Rs 7,500 crore over the next 12-18 months on the acquisition and development of new real estate projects. Sitting on a huge cash pile, Godrej Properties entered aggressively into the market to acquire land parcels. In the last fiscal, it purchased more land outrightly than signing JDAs with landowners. On operational front, Godrej Properties' sales booking rose 56 per cent last fiscal to Rs 12,232 crore -- an all-time high -- on strong demand for residential properties. Pirojsha Godrej attributed the strong growth in FY23 to its strong portfolio of projects across the country. For the first time, the company sold over Rs 2,000 crore of real estate in each of four focus markets of Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru and Pune. Out of the total sales bookings last fiscal, housing segment's contribution was 99 per cent. Pirojsha said the company look forward to building on this sales momentum in FY24. During 2022-23, sales volumes grew by 40 per cent to 15.21 million square feet from 10.84 million square feet in the previous year. The company delivered projects aggregating over 10 million sq ft across 5 cities in FY23. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zepto-preps-for-public-listing-in-2-years-brings-in-ramesh-bafna-as-cfo-to-lead-ipo-process/articleshow/99514143.cms">Zepto preps for public listing in 2 years; Brings in Ramesh Bafna as CFO to lead IPO process</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbis-mpc-decisively-in-a-rate-pause-territory-as-inflation-cools-down/articleshow/99497132.cms">RBI's MPC 'decisively' in a rate-pause mode as inflation cools down</a>

Godrej Properties acquires 18 land parcels in FY23 to build new projects with Rs 32,000-cr sales potential

<keyword id="45432" type="General" weightage="80" keywordseo="godrej-properties" source="Orion">Godrej Properties</keyword> Ltd on Friday said it has acquired legendary film actor, director, and producer <keyword id="6358412" type="General" weightage="80" keywordseo="raj-kapoor" source="Orion">Raj Kapoor</keyword>'s Bungalow at Chembur in <keyword id="6358070" type="General" weightage="50" keywordseo="mumbai" source="Orion">Mumbai</keyword> to develop a luxury housing project. The land was purchased from the <keyword id="53" type="General" weightage="100" keywordseo="kapoor" source="Orion">Kapoor</keyword> family, legal heirs of Raj Kapoor, the company said in a regulatory filing. The deal value has not been disclosed. The site is located at Deonar Farm Road, Chembur, Mumbai, adjacent to <keyword id="6356045" type="General" weightage="50" keywordseo="tata-institute-of-social-sciences" source="Orion">Tata Institute of Social Sciences</keyword> (TISS). In May 2019, Godrej Properties had acquired R K Studios in Chembur from the Kapoor family to develop a premium mixed-use project Godrej RKS. The project is expected to be delivered this year. Gaurav Pandey, MD and CEO, Godrej Properties, said, "We are pleased to add this iconic project to our portfolio and are grateful to the Kapoor family for entrusting us with this opportunity." The demand for premium developments has been strong over the past few years, he said. This project will allow us to further strengthen our presence in Chembur, Pandey said. <keyword id="1562" type="General" weightage="50" keywordseo="randhir-kapoor" source="Orion">Randhir Kapoor</keyword> said, "This residential property in Chembur has been of great emotional and historical significance to our family. We are happy to once again associate with Godrej Properties to take forward this rich legacy for the next phase of development for this location," Godrej Properties, which is part of the business conglomerate <keyword id="133008" type="General" weightage="50" keywordseo="godrej-group" source="Orion">Godrej Group</keyword>, is one of the leading real estate developers in the country. It has a significant presence in Mumbai Metropolitan Region (MMR), Delhi-NCR, <keyword id="2094" type="General" weightage="50" keywordseo="pune" source="Orion">Pune</keyword> and Bengaluru. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indigo-plans-flights-to-nairobi-jakarta-some-central-asian-destinations-ceo-pieter-elbers/articleshow/98000625.cms">IndiGo plans flights to Nairobi, Jakarta, some central Asian destinations: CEO Pieter Elbers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/fashion-industry-needs-to-move-further-and-faster-to-meet-1-5c-target-prove-they-care-about-real-change-un-expert/articleshow/97987975.cms">Fashion industry needs to move "further" and "faster" to meet 1.5°C target, prove they care about real change: UN expert</a>

Godrej Properties acquires Raj Kapoor's Bungalow in Mumbai

Realty firm Godrej Properties on Friday launched a luxury housing project at iconic R K Studios' land in Mumbai. 
 In May last year, the company had announced the acquisition of the land in Chembur to develop mixed-use project comprising luxury flats and retail space.
 Godrej Properties, part of Godrej group, had said that the project spread across 2.2 acre would offer about 3.5 lakh sq ft of saleable area. The company had not disclosed the deal value.
 The company on Friday said it is launching a luxurious residential development at <keyword id="29457" type="COMPANY" weightage="20" keywordseo="RK-Studios">RK Studios</keyword>, Chembur. Godrej Properties did not mention total housing units to be developed and the investments to be made in the project. 
 Pirojsha Godrej, Executive Chairman, Godrej Properties said, "We are thrilled to launch Godrej RKS at the iconic RK Studios in Chembur. We will seek to ensure we celebrate the remarkable legacy of this site with a landmark development that delivers an outstanding lifestyle for its residents."
 Godrej RKS is strategically located on the main Sion-Trombay Road. 
 Founded by Raj Kapoor in 1948, the studio is witness to the making of several films produced by the Kapoor family over the decades.
 After selling this studio last year, <keyword id="1562" type="PERSON" weightage="20" keywordseo="randhir-kapoor">Randhir Kapoor</keyword> of R K Studios had said: "This property in Chembur has been of tremendous significance to my family over the many decades that R K Studios has operated from there." "We...have chosen Godrej Properties to script a new chapter for this location and build upon its rich history," said Kapoor, the eldest son of late actor Raj Kapoor.

R K Studios will be turned into a luxury housing project, says Godrej Properties

Seeking to encash strong housing demand, realty firm <keyword id="45432" type="General" weightage="100" keywordseo="Godrej-Properties" source="Orion">Godrej Properties</keyword> will acquire multiple land parcels this fiscal having sales revenue potential of around Rs 15,000 crore post-development. Last fiscal, Godrej Properties was very aggressive on land acquisition and added 18 new land parcels with sales potential of Rs 32,000 crore post-development. In an interview with PTI, <keyword id="13508599" type="General" weightage="50" keywordseo="godrej-executive" source="Orion">Godrej Executive</keyword> Chairman <keyword id="6504610" type="General" weightage="50" keywordseo="pirojsha-godrej" source="Orion">Pirojsha Godrej</keyword> said the company will continue to add new land parcels for future developments, but it will scale down the pace. Asked about the FY24 guidance for new business development, which means outright land purchase and joint development agreements (JDAs) with landowners, he said, for now it has been set at Rs 15,000 crore in this fiscal. However, <keyword id="259304" type="General" weightage="80" keywordseo="pirojsha" source="Orion">Pirojsha</keyword> said the company would easily achieve higher numbers. On reasons behind setting a lower target for new business development, Pirojsha said, "Last year was an exceptional year. Not necessarily we will have such numbers every year." Further, he added: "We don't even want to add Rs 30,000 crore worth new projects every year. To achieve sales bookings of Rs 14,000 crore in a year, we dont need to actually add new projects worth Rs 30,000 crore." Pirojsha Godrej said the company is in discussion with many landowners across major cities for both outright purchases as well as entering into JDAs. On the performance during the last fiscal, he highlighted that it was very strong on all important metrics like sale bookings, cash collections from customers, completion of projects and new business development. Sale bookings rose 56 per cent last fiscal to an all-time high of Rs 12,232 crore and almost all were housing properties, he said. Cash collections grew 41 per cent to Rs 8,991 crore last fiscal year, while project deliveries touched a record 10 million square feet. Godrej Properties added "18 new projects in FY23 with a total estimated saleable area of nearly 29 million square feet and total estimated booking value of around Rs 32,000 crore." Among big-ticket deals in FY23, the company acquired an 18-acre land parcel in Kandivali, Mumbai for Rs 750 crore to develop a luxury housing project with an estimated revenue potential of about Rs 7,000 crore. Regarding the current fiscal, Pirojsha said the company has set a target of Rs 14,000 crore worth of sale bookings for now. The cash collection target has been set at Rs 10,000 crore for current fiscal, while the deliveries of projects would rise to 12.5 million square feet, he said. Asked about the market, Pirojsha said the recovery in the real estate sector has been very good post second wave of the COVID pandemic despite increase in interest rates on home loans. He expected demand to sustain in the coming years. Pirojsha noted that the Delhi-NCR market has been performing very well in terms of both sales volumes and pricing. To encash this, he said the company plans to launch many projects in Delhi, Noida and Gurugram. Godrej Properties, an arm of business conglomerate Godrej Group, is one of the leading real estate developers in the country. It mainly focuses on Delhi-NCR, <keyword id="6361772" type="General" weightage="50" keywordseo="mumbai-metropolitan-region" source="Orion">Mumbai Metropolitan Region</keyword>, Bengaluru and Pune for development of residential projects. During the full 2022-23 fiscal, the company's net profit increased to Rs 571.39 crore from Rs 352.37 crore in the previous year. Total income also grew to Rs 3,039 crore last fiscal from Rs 2,585.69 crore in 2021-22. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/8-things-that-google-bard-can-do-but-chatgpt-cannot/articleshow/100187360.cms">8 things that Google Bard can do, but ChatGPT cannot</a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-silence-fake-calls-from-unknown-numbers-on-whatsapp/articleshow/100186824.cms">How to silence calls from unknown numbers on WhatsApp</a> <a href="https://www.businessinsider.in/tech/mobile/news/survey-reveals-three-out-of-four-indians-suffer-from-nomophobia-heres-what-it-means/articleshow/100073985.cms">Survey reveals three out of four Indians suffer from NoMoPhobia: Here’s what it means</a>

Godrej Properties on land-buying spree for housing projects: to acquire ₹15k cr projects in FY24

<ul><li>Cousins Adi Godrej and Jamshyd Godrej are known to have differences in opinion on how to develop their massive land bank </li><li>Their grandfathers have founded the Godrej Group and have been acquiring this land since the 1940s. </li><li>Jamshyd has hired Nimesh Kampani of J M Financial while Adi and his brother Nadir have hired Uday Kotak and Cryril Shroff for negotiations.</li></ul>One of India’s oldest business families of India, Godrej has decided to split their enormous land holdings, tangled between themselves, to make way for real estate development, according to reports. Cousins Adi Godrej and Jamshyd Godrej are known to have differences in opinion on how to develop their massive land bank that extends over 3,400 acres in Mumbai. The Godrej family released a joint statement by Adi Godrej and Jamshyd Godrej, calling them ‘normal’ family discussions. 
 <div type="ExtQuote" text="We have been working on a long term strategy plan for the Group for several years. As part of this exercise, we have sought advice from external partners to help us think through options. The family regrets the sensationalist media coverage of these normal and private family discussions." auname="Statement by Godrej family"></div>

 Their grandfathers have founded the Godrej Group and have been acquiring this land since the 1940s. And a large chunk of it, around a 1,000 acres lies in the prime real estate areas of Vikhroli. While Adi heads Godrej Consumer and Godrej Properties, Jamshyd is the chairman and managing director of Godrej and Boyce. The closely held Godrej and Boyce is the owner of most of this land, while Adi’s real estate development company, Godrej Properties pays around 15% of the project revenue to them,<a href="https://economictimes.indiatimes.com/news/company/corporate-trends/godrej-family-may-rework-pacts-after-rift-over-land/articleshow/69966815.cms"> as per an ET report</a>. Now, however, both sides have hired investment bankers and lawyers to re-work family arrangements, in order to make way for Adi’s properties business to turn into the city’s largest real estate developer. Top investment bankers will be a part of tough negotiations to untangle the complicated family pacts. While Jamshyd has hired Nimesh Kampani of J M Financial while Adi and his brother Nadir have hired Uday Kotak the chairman of Kotak Mahindra Bank and Cryril Shroff of Cyril Amarchand and Mangaldas, as per a<a href="https://www.business-standard.com/article/companies/godrej-family-hires-top-law-firms-to-untangle-land-holdings-worth-rs-20k-cr-119062700056_1.html"> report by Business Standard</a>. The Godrej Group was founded by Ardeshir Godrej along with his brother, Pirojsha Godrej in 1987. Pirojsha’s sons formed the second generation as Ardeshir died childless. The third generation consists of Adi, Nadir and Jamshyd.

A 122-year old Indian business family has hired bankers and lawyers to split the land of their fathers

<ul><li><keyword id="45432" type="General" weightage="100" keywordseo="godrej-properties" source="Orion">Godrej Properties</keyword> has announced the launch of its very first digital brand campaign ‘Everyday Joys- Jahaan Khushiyan Badi Hoti Hai.'</li><li>The campaign introduces GPL’s purpose of creating spaces that enable everyday joys; one community, one family, and one home at a time.</li></ul>Godrej Properties Ltd. (GPL), one of India’s leading <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> developers, announced the launch of its digital brand campaign ‘Everyday Joys- Jahaan Khushiyan Badi Hoti Hai’. The campaign introduces GPL’s purpose of creating spaces that enable everyday joys; one community, one family, and one home at a time. GPL has created three digital video commercials, which capture the beauty of everyday family moments that we all enjoy in our homes. They reinforce that a home is integral to most of our best memories. While the landmark milestones in life happen occasionally, the everyday joyful moments are what keep us going. Everyone has their favourite corner, their daily routines and their ideal family moments at home and the films try to capture these moments. <div type="Youtube" id="dHLHxmMZGZk" title="A New Chili | #EverydayJoys at Godrej Properties" thumbUrl="https://i.ytimg.com/vi/dHLHxmMZGZk/mqdefault.jpg"></div> <div type="Youtube" id="7lxUjJQXOko" title="An Afternoon Siesta | #EverydayJoys at Godrej Properties" thumbUrl="https://i.ytimg.com/vi/7lxUjJQXOko/mqdefault.jpg"></div> <div type="Youtube" id="93ZXcvCgMbc" title="The First Bath | #EverydayJoys at Godrej Properties" thumbUrl="https://i.ytimg.com/vi/93ZXcvCgMbc/mqdefault.jpg"></div> Commenting on the campaign, <keyword id="235987" type="General" weightage="20" keywordseo="mohit-malhotra" source="Orion">Mohit Malhotra</keyword>, MD &amp; CEO, Godrej Properties, said, “Our purpose of bringing joy to the lives of our customers comes alive beautifully in these films. Brand Godrej Properties has always enjoyed the trust of its customers, and now, we are creating a strong and unique brand association through the ‘Everyday Joys’ campaign. With these films, we are asking the viewers to pause and savour the little moments of joy, and realise that this is what a home is all about - a place where everyday joys have no limits.” These moments were beautifully articulated and crafted into three DVCs by the team at <keyword id="531122" type="General" weightage="20" keywordseo="ogilvy-india" source="Orion">Ogilvy India</keyword>, who brought their world-class expertise to the table. The films are being launched across digital platforms such as YouTube, Facebook, and Instagram. Sharing his thoughts on this campaign, Anurag Agnihotri, Managing Partner - Creative (West), Ogilvy India, said, “Inspired by the beautiful Purpose of Godrej Properties, we decided to focus on the small moments that spark joy in a home. These aren’t life changing events, but everyday things that are magical. It is this thought that gave birth to these films and their sign off – Jahaan Khushiyaan Badi Hoti Hain.”

Godrej Properties launches its first-ever digital campaign celebrating everyday joys

New Delhi, Dec 12 () Realty firm Godrej Properties on Thursday said it has added four new projects in Mumbai Metropolitan Region (MMR) and Bengaluru comprising 12.7 million sq ft of developable area.
 The company, a real estate arm of business conglomerate Godrej group, said it has added three new projects at Navi Mumbai, Ambernath, and Thane in MMR and one new project in North Bengaluru.
 "These new projects will add approximately 1.18 million square metres (12.70 million sq ft) to its development portfolio," Godrej Properties said in a statement.
 Godrej Properties has entered a joint venture to develop a township project of over 100 acres in the residential market of Navi Mumbai. This project will offer about 7.5 million sq ft of development area and will be built as a residential project with a retail component.
 The second project is a joint venture with Nisarg Nirman Developers to build a land parcel of about 6.4 acres in Ambernath. This project will offer about 1.1 million sq ft of development area and will be developed as a group housing project.
 The third project is an outright purchase of land in Thane. Spread across about 8 acres, this project will offer about 1.1 million sq ft of development area.
 Godrej Properties has formed a JV with the promoters of Universal Builders to develop a affordable housing project in North Bengaluru. This project will have developable area of about 3 million sq ft spread over 22 acre land.
 On adding these four projects in the company's portfolio, Godrej Properties Executive Chairman Pirojsha Godrej said, "This fits well with our strategy of building our presence in the country's leading real estate markets and will add momentum to our plans to grow market share during the period of dislocation the industry is currently facing. We look forward to delivering outstanding projects across these locations".
 Godrej Properties is currently developing residential, commercial and township projects spreading approximately 17.44 million square metres (187.7 million square feet) across 78 projects in 10 cities. MJH ANS
ANS

Godrej Properties adds 4 new projects in Mumbai region, Bengaluru

New Delhi, Feb 23 () Realty firm Godrej Properties sold properties worth Rs 3,532 crore during the April-December 2019 period, up 12 per cent as compared with a year-ago period. According to an investors' presentation, the company's sales bookings stood at Rs 3,155 crore during April-December 2018. In terms of volume, Mumbai-based Godrej Properties sold nearly 52 lakh sq ft area, an increase of 3 per cent from the corresponding period of the previous year. Out of the total sales bookings of Rs 3,532 crore achieved during the first nine months of this financial year, the housing segment contributed Rs 3,471 crore. Sales of commercial properties stood at Rs 61 crore. As per the presentation, the company's net debt stood at Rs 1,089 crore. Godrej Properties has posted a 9 per cent increase in its consolidated net profit at Rs 45.46 crore for the quarter ended December as against Rs 41.63 crore a year ago. Total income rose to Rs 517.47 crore in the third quarter of this financial year as compared to Rs 430.7 crore in the corresponding period of the previous year. Earlier this month, Godrej Properties announced an acquisition of nearly 27 acre land parcel at Ashok Vihar in the national capital for Rs 1,359 crore to develop a luxury housing project. MJH HRS

Godrej Properties sells properties worth Rs 3,532 cr during Apr-Dec of FY20

New Delhi, Feb 12 () Realty firm Godrej Properties on Wednesday said it will challenge the NGT order quashing environmental nod granted to one of its housing project in Bengaluru, saying no construction work has been done in the buffer zone of lake. The National Green Tribunal (NGT) quashed the environmental clearance (EC) granted to a high-rise residential project being built by Godrej in Bengaluru for raising construction in the buffer zone of Kaikondrahalli lake. "NGT has passed an order concerning our projects in Bengaluru. We reiterate that as a responsible corporate, we follow all concerned regulations and are confident of our compliance in this project," Godrej Properties said in a statement. "There has been no construction in the buffer zone and we are confident of our merits and compliances in the case. We are in the process of challenging the said order," it added. Godrej Properties is the real estate arm of diversified Godrej Group. Earlier, a bench of NGT Chairperson Justice Adarsh Kumar Goel and Justice S P Wangdi said no environmental clearance could have been granted which permitted construction in the buffer zone of Kaikondrahalli lake and drains merely by imposing a condition that no such construction will be raised. "Stand of the project proponent that the project is permissible cannot be accepted. It is clear that the project stipulates construction in the buffer zone, in violation of zoning plan and judgment of this tribunal as affirmed by the Supreme Court. Accordingly, the appeal is allowed and the EC is quashed," the bench said. MJH RVK

Godrej Properties to challenge NGT order quashing green nod for housing project in Bengaluru

New Delhi, Feb 3 () Realty firm Godrej Properties on Monday reported a 9.2 per cent increase in its consolidated net profit at 45.49 crore for the quarter ended December 31, 2019.
 The company had posted consolidated net profit (after tax) of Rs 41.63 crore in the year-ago period, Godrej Properties said in a regulatory filing.
 The consolidated income of the company during October-December quarter increased to Rs 517.47 crore, over Rs 430.70 crore in the year-ago period.
 Shares of Godrej Properties were trading at Rs 1,068 a piece on BSE, up 7.96 per cent from the previous close. SID DRR

Godrej Properties Q3 net up 9 pc at Rs 45 cr

New Delhi, May 12 () The nationwide lockdown to contain COVID-19 will have a negative impact on the real estate sector in the short term, affecting sales and cash-flow of builders, while accelerating the pace of consolidation in the sector, Godrej Properties said. However, the company said it would continue to grow, helped by its brand image and various projects lined up to be launched. It had clocked record sales booking of nearly Rs 6,000 crore during the last fiscal year. In its investor presentation, the Mumbai-based firm said: Due to the nationwide lockdown, existing construction activity has come to a halt which will extend construction timelines. The company employs around 10,000 construction workers at its sites across India and is in good position to resume construction at most projects once the lockdown is lifted, it added. On impact on sales bookings, Godrej Properties said, it expects to see a significant short-term reduction in sectoral sales. However, the company said its strong project pipeline and brand would enable to deliver continued growth. "Liquidity situation for the sector will worsen with banks and non-bank financial companies (NBFCs) getting more risk-averse, resulting in funding issues for many developers," the company said. Godrej Properties said that its short-term cashflows, too, will be impacted, but the company has a strong balance sheet and is in a good position to operate its existing projects. Consolidation within the residential real estate sector is likely to accelerate further, it said, adding that well-capitalised players with good brands and execution capabilities are expected to continue to gain substantial market share. Godrej Properties on Monday reported a 35 per cent fall in its consolidated net profit at Rs 101.08 crore for the quarter ended March as against Rs 156.66 crore in the year-ago period. Total income, however, rose to Rs 1,288.17 crore in the fourth quarter of the last fiscal year from Rs 1,203.21 crore in the previous year. Net profit rose to Rs 267.21 crore during the full 2019-20 financial year from Rs 253.15 crore in the previous year. The total income fell to Rs 2,914.59 crore during the last fiscal year from Rs 3,221.98 crore in the 2018-19 financial year. Godrej Properties' total sales bookings stood at Rs 5,915 crore and 8.80 million sq ft during the last fiscal year. In 2018-19, the sales bookings stood at Rs 5,316 crore and 8.76 million sq ft. The company said this is its highest ever sales bookings in a financial year and possibly the highest booking value achieved by any publicly listed real estate developer in India in FY20. Pirojsha Godrej, Executive Chairman, Godrej Properties, said: "While the real estate sector is likely to be significantly impacted for the next few months, we believe there will be continued opportunities for credible developers with strong brands as the process of consolidation that has been underway in the sector gathers pace." "While the start of FY21 may be muted, our strong project pipeline and healthy balance sheet will help maintain sales momentum in FY21," ha had said. MJH ANSANS

Realty sector consolidation to accelerate as lockdown hits sales, cash-flow of builders: Godrej Prop

<ul><li>The cumulative sales of top realty players like DLF, Godrej, <keyword id="210357" type="COMPANY" weightage="20" keywordseo="Oberoi-Realty">Oberoi Realty</keyword> and others raked in $228 billion in FY19 sales. </li><li>The developers saw a 159% jump in housing sales from FY17. </li><li>In Q2 FY20, <keyword id="703971" type="PERSON" weightage="20" keywordseo="real-estate-sales">real estate sales</keyword> declined again by 9.5%.</li></ul>Indian listed <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword> players had a good run but in FY19 as they sold stock worth $228 billion, according to property consultant firm Anarock. Players like DLF, Sobha, Puravankara, Prestige Estates, Brigade Enterprises, Mahindra Lifespace Developers, <keyword id="45432" type="COMPANY" weightage="20" keywordseo="Godrej-Properties">Godrej Properties</keyword>, Oberoi Realty and <keyword id="215249" type="COMPANY" weightage="20" keywordseo="Kolte-Patil">Kolte Patil</keyword> Developers, saw an uptick in sales for the fiscal— which rose after FY17 slowdown caused by demonetization. The developers saw a 159% jump in housing sales from FY17 and a 63% jump from the market’s peak in FY15. “ANAROCK research reveals that these companies together sold approximately 4 million sqft. of housing in FY 2019 as against approximately 17 million sqft. in FY17 and 27 million sqft. in FY15,” said the report. But the elation might be short-lived. In the last two quarters, slowdown has hit the economy fast and hard— tipping housing sales out of balance, yet again. In the second quarter of FY20, real estate players’ sales <a href="https://www.business-standard.com/article/pti-stories/housing-sales-drops-9-5-pc-in-july-sep-across-9-cities-report-119110400173_1.html">saw </a>a 9.5% decline across nine major cities. According to a report by PropEquity, new housing unit launches too fell by 24%. In its second quarter earnings, <a href="https://www.cnbctv18.com/real-estate/slowdown-hits-real-estate-major-oberoi-realtys-second-quarter-4564091.htm">Oberoi Realty</a> reported a 39% fall in sales volume. Meanwhile, <a href="https://www.business-standard.com/article/news-cm/godrej-properties-slips-as-q2-net-sales-declines-119110500841_1.html">Godrej Properties</a>’ sales also fell by 33.9%.

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