The founding family of the 127-year-old <keyword id="20337487" type="General" weightage="20" keywordseo="Godrej-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Godrej Group" meta.hostid="153" meta.entityid="Godrej Group">Godrej Group</keyword>, which deals in locks to soaps to aerospace to real estate, has reached an agreement to split the conglomerate, as per a joint announcement. On Tuesday, the Godrej family announced an <keyword id="21485962" type="General" weightage="20" keywordseo="ownership-realignment" source="keywords">ownership realignment</keyword> of their shareholdings in the Godrej Companies. The realignment in the conglomerate, incorporated back 1987, has been arrived at in a "respectful and mindful" way to maintain harmony and to better align ownership in acknowledgement of the differing visions of the Godrej family members, both sides of the family said in a statement. This is expected to help maximize strategic direction, focus, agility, and will accelerate the process of creating long-term value for shareholders and all other stakeholders. The realignment will be implemented after the relevant regulatory approvals have been obtained. Godrej Enterprises Group (GEG) comprises of <keyword id="19970508" type="General" weightage="20" keywordseo="Godrej-Boyce" source="keywords" meta.keywordsubtype="org" meta.entityname="Godrej &amp; Boyce" meta.hostid="153" meta.entityid="Godrej &amp; Boyce">Godrej &amp; Boyce</keyword> (G&amp;B) and its affiliates, which have presence across multiple industries spanning aerospace, aviation, defence, engines and motors, energy, security, building materials, construction, green building consulting, EPC services, intralogistics, healthcare equipment, durables, furniture, interior design, architectural fittings, IT, software as well as infrastructure solutions. This group will now be controlled by <keyword id="20311265" type="General" weightage="20" keywordseo="Jamshyd-Godrej" source="keywords">Jamshyd Godrej</keyword>, Chairperson and Managing Director, Nyrika Holkar, Executive Director, and their immediate families. <keyword id="20380758" type="General" weightage="20" keywordseo="Godrej-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Godrej Industries" meta.hostid="153" meta.entityid="Godrej Industries">Godrej Industries</keyword> Group (GIG), which includes the listed companies, Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec Lifesciences will have <keyword id="20594913" type="General" weightage="20" keywordseo="Nadir-Godrej" source="keywords">Nadir Godrej</keyword> as Chairperson and will be controlled by <keyword id="21485960" type="General" weightage="20" keywordseo="Adi-Godrej" source="keywords">Adi Godrej</keyword>, Nadir Godrej, and their immediate families. <keyword id="20481243" type="General" weightage="20" keywordseo="Pirojsha-Godrej" source="keywords">Pirojsha Godrej</keyword> will be the Executive Vice Chairperson of GIG and will succeed Nadir Godrej as the Chairperson in August 2026, the statement said. Jamshyd Godrej said "With this future-facing family agreement now in place, we can further drive our growth aspirations with fewer complexities and focus on leveraging our core strengths in high-tech engineering and design-led innovation across our strong portfolio of strategic, consumer and emerging businesses." Nadir Godrej said "Godrej was founded in 1897 to help build economic independence for India. This deep purpose of innovating for a cause - the values of trust and respect and the belief in trusteeship and making communities that the companies operate in stronger and better - continue to form the bedrock of who we are 125 years later. We look forward to building on this legacy with focus and agility." Both Groups will continue to use the Godrej brand and are committed to growing and strengthening their shared heritage, it added. (ANI)

127-year-old Godrej Group splits conglomerate between family

New Delhi, To expand business amid strong housing demand, realty firm <keyword id="20846764" type="General" weightage="20" keywordseo="godrej-properties-ltd" source="keywords">Godrej Properties Ltd</keyword> has acquired multiple land parcels so far this fiscal that have the potential to generate revenue of around Rs 20,000 crore. <keyword id="19949512" type="General" weightage="20" keywordseo="godrej-properties" source="keywords">Godrej Properties</keyword> has surpassed the guidance for the 2023-24 fiscal to achieve Rs 15,000 crore worth new business development, which means adding land parcels through outright purchases and partnerships with landowners. With the acquisition of two land parcels earlier this week, Godrej Properties Managing Director and CEO Gaurav Pandey said the company has already achieved the annual guidance of new business development of Rs 15,000 crore. "We added new projects worth Rs 8,425 crore in the first nine months of this fiscal," Pandey said. In the current quarter, the company has done two outright land purchases in Hyderabad and Noida, while entering into a joint venture in Bengaluru. These three new acquisitions will help generate cumulative revenue of around Rs 11,500 crore, taking the total number to around Rs 20,000 crore so far this fiscal. Bullish on the growth potential of the housing segment, Pandey expects to add a few more land parcels this month for future development. The company is evaluating several proposals from landlords. In the entire 2022-23 fiscal, Godrej Properties had acquired land parcels having a revenue potential of over Rs 32,000 crore post development. Earlier this week, Godrej Properties bought 6.46-acre land in Noida for Rs 506 crore to develop a housing project with an estimated revenue of Rs 3,000 crore. In a regulatory filing on Tuesday, the company informed that it has been "declared the highest bidder and has secured the allotment letter to develop a prime land parcel in Noida through an e-auction conducted by the <keyword id="19966671" type="General" weightage="20" keywordseo="noida-authority" source="keywords">NOIDA Authority</keyword>." The land parcel, located at Sector 44, Noida, will offer around 1.4 million (14 lakh) square feet of development potential and an estimated revenue potential. This will be the sixth project of Godrej Properties in Noida. On March 4, Godrej Properties said it has entered into a joint venture on a profit-sharing basis to develop a 62-acre township in Bengaluru with an estimated revenue potential of Rs 5,000 crore. Spread across 62 acres, the township project will offer around 5.6 million (56 lakh) square feet of the saleable area comprising primarily premium residential apartments. Last month, Godrej Properties made a foray into the Hyderabad market with the outright purchase of 12.5-acre land for Rs 350 crore to build a housing project with an estimated revenue potential of Rs 3,500 crore. Godrej Properties, which is part of the business conglomerate Godrej Group, has a major presence in Delhi-NCR, <keyword id="19932542" type="General" weightage="20" keywordseo="mumbai-metropolitan-region" source="keywords">Mumbai Metropolitan Region</keyword> (MMR), Bengaluru and <keyword id="19897309" type="General" weightage="20" keywordseo="pune" source="keywords">Pune</keyword>. On an operational front, Godrej Properties' sale bookings are likely to rise 50 per cent annually to over Rs 18,000 crore this fiscal year, beating the annual guidance of Rs 14,000 crore on strong demand for its residential projects. The real estate arm of Godrej Group sold properties worth Rs 12,232 crore in 2022-23. In an interview with PTI last month, Godrej Properties Executive <keyword id="20031893" type="General" weightage="20" keywordseo="chairperson-pirojsha-godrej" source="keywords">Chairperson Pirojsha Godrej</keyword> said the company was hopeful of selling properties of more than Rs 5,000 crore during the January-March period of this fiscal year, repeating the performance of the previous two quarters. Driven by robust housing demand, Godrej Properties' sale bookings rose 59 per cent during the April-December period of this fiscal to Rs 13,008 crore as against Rs 8,181 crore in the year-ago period. On financial front, Godrej Properties reported an 11 per cent increase in consolidated net profit at Rs 62.72 crore for the December quarter. Total income rose to Rs 548.31 crore in the quarter from Rs 404.58 crore in the year-ago period.

Godrej Properties acquires many plots with ₹20,000 crore revenue potential this fiscal

New Delhi, Realty firm <keyword id="19949512" type="General" weightage="100" keywordseo="godrej-properties" source="keywords">Godrej Properties</keyword> Ltd on Tuesday said it has acquired a 4-acre land parcel in Bengaluru to develop a luxury housing project and expects a revenue of Rs 1,000 crore through sales of apartments. In a regulatory filing, Godrej Properties informed that the company has "purchased a 4-acre land parcel on an outright basis." The land is located in <keyword id="20031891" type="General" weightage="50" keywordseo="yeshwanthpur" source="keywords">Yeshwanthpur</keyword> abutting the National Highway - 75, one of the prime locations in Bengaluru. This project is estimated to have a developable potential of about 0.7 million square feet of saleable area comprising primarily of premium residential apartments, it said. Godrej Properties said that the project has an "estimated revenue potential of Rs 1,000 crore with scope to increase to Rs 1,250 crore basis additional 1-acre land acquisition, making it a 5-acre parcel." Godrej Properties, which is part of business conglomerate Godrej Group, is one of the leading real estate developers in the country. <keyword id="20031890" type="General" weightage="50" keywordseo="gaurav-pandey" source="keywords">Gaurav Pandey</keyword>, MD &amp; CEO, Godrej Properties said, "Yeshwanthpur is an important micro market for us, and we are happy to add this land parcel to our portfolio." This acquisition will further strengthen the company's presence in Bengaluru, he added. Seeking to encash strong housing demand, Godrej Properties has set a target of acquiring multiple land parcels during this fiscal that can help generate revenue 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. Godrej Properties focuses on four markets -- Delhi-NCR, <keyword id="19932542" type="General" weightage="50" keywordseo="mumbai-metropolitan-region" source="keywords">Mumbai Metropolitan Region</keyword> (MMR), Bengaluru and Pune, although it has projects in some other locations as well. In November, <keyword id="20031892" type="General" weightage="50" keywordseo="godrej-properties-executive" source="keywords">Godrej Properties Executive</keyword> <keyword id="20031893" type="General" weightage="50" keywordseo="chairperson-pirojsha-godrej" source="keywords">Chairperson Pirojsha Godrej</keyword> told PTI that the company would meet its target to sell properties worth Rs 14,000 crore this fiscal on strong demand for its ongoing and upcoming housing projects. Godrej Properties had sold properties worth Rs 12,232 crore in the previous fiscal. Already, during April-September 2023-24, Godrej Properties has achieved 48 per cent growth in its sales booking to Rs 7,288 crore, as against Rs 4,929 crore in the year-ago period.

Godrej Properties buys 4-acre land in Yeshwanthpur, Bengaluru to build premium homes

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

<img class="gwt-Image" src="/photo/54794219.cms" style="width: 800px; height: 600px;" /> 
 <keyword id="303723" type="PERSON" weightage="100" keywordseo="Parmeshwar-Godrej">Parmeshwar Godrej</keyword>, age 72, philanthropist and wife of <keyword id="6369697" type="COMPANY" weightage="100" keywordseo="Godrej">Godrej</keyword> <keyword id="45472" type="ORGANIZATION" weightage="20" keywordseo="Group">group</keyword> chairman <keyword id="6364063" type="PERSON" weightage="100" keywordseo="Adi-Godrej">Adi Godrej</keyword> breathed her last yesterday at Mumbai's Breach Candy hospital following a degenerative lung disease. 
 
The highly private family has been shocked by her sudden deterioration sources said. Group officials were stunned to hear about the news but declined to comment. 
 The dynamic and active face of the Godrej clan, <keyword id="559099" type="PERSON" weightage="20" keywordseo="Parmeshwar">Parmeshwar</keyword> had an impact on family office and social fronts. She has had a huge influence on her children Tanya, Nisa and <keyword id="259304" type="ORGANIZATION" weightage="20" keywordseo="Pirojsha">Pirojsha</keyword> with her liberal but strong understanding of family, humour, and creativity. 
 She is best known huge contribution to creating awareness about AIDS with Hollywood’s <keyword id="2805" type="PERSON" weightage="20" keywordseo="Richard-Gere">Richard Gere</keyword> with whom she launched the <keyword id="18935" type="ENTERTAINMENT" weightage="20" keywordseo="heroes">Heroes</keyword> project to fight HIV-AIDS in India. 
 
Parmeshwar was active in the workings of the Godrej group till last couple years with her aesthetic and design contribution in Godrej Properties and Godrej Consumer. She was one of the first air hostesses for <keyword id="2573" type="CITY" weightage="20" keywordseo="Air-India">Air India</keyword> before her marriage to Adi Godrej.

Philanthropist and Adi Godrej's wife Parmeshwar Godrej
passes away

<img class="gwt-Image" src="/photo/48422584.cms" /> 
The spirit of <a href="This%20spirit%20of%20Godrej%20was%20born%20in%201897,%20when%20a%20young%20man%20called%20Ardeshir%20Godrej%20gave%20up%20law%20and%20turned%20to%20lock%20making.%20He%20was%20the%20first%20Indian%20manufacturer%20to%20displace%20well-entrenched%20foreign%20brands%20from%20the%20market%20that%20ruled%20the%20Indian%20market%20in%20the%20Briti">Godrej</a> was born in 1897, when a young man called <a href="http://www.businessinsider.in/CEOs-raking-in-more-moolah-than-companies-promoters-Heres-why/articleshow/48295199.cms">Ardeshir Godrej</a> gave up law and turned to lock making. He was the first Indian manufacturer to displace well-entrenched foreign brands that ruled the Indian market in the <keyword id="6355332" type="COMPANY" weightage="100" keywordseo="British">British</keyword> era. The name ‘<keyword id="6369697" type="COMPANY" weightage="100" keywordseo="Godrej">Godrej</keyword>’ engraved into the shiny metal of the <a href="http://www.businessinsider.in/5-India-Inc-scions-who-went-to-Harvard-to-learn-the-tricks/articleshow/47038743.cms">Godrej</a> locks came to be known as a symbol of self reliance, trust-worthiness, assertiveness and progressiveness for a new generation of Indians. 
 
It is now a $US 5.0 billion (2015) industry. 
 
(Image credits: Indiatimes) 
 
 
<iframe frameborder="0" height="650" src="//cdn.knightlab.com/libs/timeline3/latest/embed/index.html?source=1IzpC7TTH5LNELr6LQNsO-eV2ZY5my-R6esm9bbdo9aE&amp;font=Default&amp;lang=en&amp;height=650" width="100%"></iframe>

#Independence Day Special: In the times of British raj, know how the Godrejs found the key to their empire!

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

New Delhi, Jul 12 () Leading realty firm Godrej Properties is well placed to maintain its growth momentum this fiscal despite headwinds due to the COVID-19 pandemic, and will look to increase market share as well as add projects available at a distressed valuation, a top company official said. In his message to the company's shareholders in the annual report, Godrej Properties Executive Chairman Pirojsha Godrej said the housing demand will certainly be impacted due to the economic slowdown caused by the pandemic. However, he said the demand from prospective homebuyers will further consolidate towards large organised developers with better track record in execution. Moreover, Godrej said the affordability has increased due to low interest rates and stable prices over the past seven years. Home ownership would also gain currency due to lockdown. Godrej Properties achieved a sales booking of Rs 5,915 crore during the last fiscal, the highest by any listed real estate developer. "While we are pleased with the year gone by, it is clear that the current year will bring new challenges and opportunities. Resilience and agility will be critical to ensure that we emerge stronger from this crisis," said Pirojsha. The economic growth is likely to be in negative during the current financial year and the COVID-19 crisis is leading to significant amounts of job cuts and salary reduction, he said adding that this would certainly impact demand for high-value purchases such as housing. "Despite these headwinds, we believe we are well placed to maintain our growth momentum in the current financial year... We are prepared to withstand a possible downturn in the sector -- however bad it gets," said Pirojsha. The Godrej Properties chairman said the company would focus on capturing opportunities that might arise as a result of this crisis. "The most important opportunity will be to gain market share. Our strong business development over the past few years has ensured that our launch pipeline is the best it has ever been. We will be agile and ready to launch these projects and thereby gain share while most of our peers are focused on liquidating their current inventory," he said. The new launches of projects would drive cash flows and earnings growth over the medium term. "We will be open to the opportunity to further strengthen our portfolio if projects become available at distressed valuations," said Pirojsha. He said the company remains committed to medium-term goals -- to consistently be among the leading developers by value of residential real estate sales in core markets, and to consistently deliver a return on equity (ROE) in excess of 20 per cent. "Despite continued disruptions the real estate sector has faced including the current pandemic, we believe we are on track to achieve these goals," Pirojsha said. The company's sales bookings in 2019-20 grew 11 per cent to Rs 5,915 crore, and resulted from the sale of 7,415 homes with a total area of 8.8 million sq ft. This averages to over 20 homes per day. "We sold more than 1.1 million sq ft with a booking value of over Rs 1,000 crore in each of our four focus markets of MMR (Mumbai Metropolitan Region), Pune, NCR and Bengaluru," Pirojsha said. On execution of projects, he said the company's strategy to shift from labour-intensive forms of construction to precast construction would help reduce project-completion timelines. This will also reduce the gap between operating results and reported accounts, enhance project returns, and enable faster turnaround of capital. "Our balance sheet is strong with net debt to equity at the end of Q4 FY20 standing at 0.24 to 1. Our equity raise of Rs 2,100 crore in Q1 FY20 has ensured that we have a significant surplus liquidity to withstand any temporary liquidity and demand shocks that may arise," Pirojsha said. Godrej Properties, the real estate arm of the Godrej group, posted a net profit of Rs 267.21 crore over a total revenue of Rs 2,914.59 crore during the last financial year. MJH HRS

Godrej looks to gain mkt share, add distressed projects amid COVID-19 pandemic

<keyword id="45432" type="COMPANY" weightage="20" keywordseo="Godrej-Properties">Godrej Properties</keyword> on Wednesday reported a consolidated net loss of Rs 20.23 crore for the April-June quarter of FY 2020-21. During the corresponding period of the last fiscal, the company had reported a consolidated net profit of Rs 89.87 crore. The real estate major reported an 88.63 per cent fall in its revenues from operations during the first quarter of FY 2020-21 at Rs 72.29 crore. In its investor presentation, the company said that due to the Covid-induced lockdown, there was very limited construction activity during the quarter and as a result, no new projects achieved revenue recognition. Cash collections, which depend on construction milestones, were also impacted, it added. "This led to an accounting loss and negative operating cash flow for the quarter," the company said. Commenting on the performance, Pirojsha Godrej, Executive Chairman, Godrej Properties Ltd, said: "While we expect poor reported earnings and cash flows this financial year due to the lockdown and the major impact it has had on our annual construction plan, we expect strong momentum in both portfolio project additions and new project launches during the rest of the financial year." He added that that the current crisis will add further momentum to the process of consolidation that is underway in the sector and the company will continue to focus on rapidly growing its market share. Shares of the company plunged nearly 3 per cent post the earnings announcement. Currently its shares on the BSE are trading at Rs 902.50, lower by Rs 28.70 or 3.08 per cent from its previous close. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/upcoming-electric-cars-in-india-in-2020/slidelist/77350453.cms">Here’s the list of top electric car launches to watch for in 2020</a> <a href="https://www.businessinsider.in/business/auto/news/bajaj-autos-july-sales-drop-by-a-third-and-the-bigger-dent-came-from-exports/articleshow/77329209.cms">Bajaj Auto's July sales drop by a third and the bigger dent came from exports</a>

Godrej Properties logs ₹20 crore consolidated net loss in the last three months

<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

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

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, 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

<img class="gwt-Image" src="/photo/49169541.cms" /> <keyword id="45432" type="COMPANY" weightage="20" keywordseo="Godrej-Properties">Godrej Properties</keyword>, a Mumbai-based property <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword> company, made the largest ever office space transactions in terms of value. The company has sold 4.35 lakh sq ft commercial space at its Bandra-Kurla Complex for Rs 1,480 crore. 
 <keyword id="6369697" type="COMPANY" weightage="20" keywordseo="Godrej">Godrej</keyword> has not revealed the name of the buyer yet but a top official, requesting anonymity, confirmed that pharmaceutical major, Abbott India, has bought the piece of land. Godrej BKC said that its 1.3 million sq ft <a href="http://www.businessinsider.in/searchresult.cms?query=commercial+project">commercial project</a> will be ready for occupancy in mid 2016. 
 Godrej Properties had partnered with <keyword id="6358200" type="CITY" weightage="20" keywordseo="Jet-Airways">Jet Airways</keyword> to develop the <keyword id="3081335" type="UNKNOWN" weightage="20" keywordseo="commercial-area">commercial area</keyword> in 2011. Jet Airways had acquired the land parcel in a public auction by <keyword id="48470" type="ORGANIZATION" weightage="20" keywordseo="MMRDA">MMRDA</keyword> for worth Rs 399 crore back in 2006. 
 
Both Jet Airways and Godrej Properties, as part of the agreement, will be sharing profits in 50:50 ratio. Jet will also get 2.5 lakh sq ft of area at development cost, while total 1 million sq ft is saleable area. 
 
Pirojsha Godrej, MD &amp; CEO, Godrej Properties, while announcing the deal, said, "We are very happy to have successfully concluded this large and strategically important deal at our project Godrej BKC. This deal will be an important driver of our plans to unlock capital invested in our commercial portfolio and will hasten the pace of our growth going forward." 
 
As per the officials, the company is in talks to sell more space at this commercial project and the funds received through the deal will be utilized to repay debt and will also support future growth opportunities. 
 
According to Cushman &amp; Wakefield, net office space absorption for top eight cities is expected to touch 36.5 million sq ft by the end of 2015; up 18% and 65%, respectively, from absorption in 2014 and 2013. 
Image: thinkstock

You Searched For "Pirojsha" and got 15 results