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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

<ul><li>At 7:40 am, the SGX Nifty was trading 0.47% higher, indicating a green start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider</a>. </li></ul>Indian stock market is likely to open on positive note tracking cues from the Asian peers. At 7:40 am, the SGX Nifty was trading 0.47% higher, indicating a green start for Nifty50. The Hang Seng Index of the Hong Kong stock market was also trading 0.64% higher on September 14. Here’s a list of stocks to watch for in trade on September 14: Indian Railway Catering and Tourism Corporation (IRCTC) IRCTC reported a net loss of ₹24.6 crore for the quarter ended June 30. The company’s overall revenue was down 71.4% to ₹ 131.3 crores compared to the same period last year. The shares of IRCTC closed 0.34% higher on Friday. Bharat Heavy Electricals Limited (BHEL) BHEL reported a net loss of ₹897.2 crore for the first quarter ended June 30. The company’s overall revenue was down 56.1% to ₹1990.9 crore compared to the same period last year. The shares of BHEL ended flat on Friday. Future Retail Future Retail promoter Future Corporate Resources invoked pledge of 3.05 crore shares between September 1 to September 10. The shares of Future Retail ended 5% higher on Friday. Godrej Properties, Sunteck Realty, Oberoi Realty and other real estate stocks The Maharashtra government has hiked ready reckoner rates by 1.74% on Friday amid the downturn witnessed in the construction industry. The ready reckoner rates are market values of a property determined by the government for payment of stamp duty in the course of property transactions. Tata Motors The luxury vehicle arm of Tata Motors, JLR, reported a 15.5% year-on-year decline to 28,887 units in its global retail volumes for August. JLR’s total global retail sales for the June quarter stood at 74,067 units, which saw a dip of more than 42% YoY on COVID-19 led disruptions. The company has also begun the process of hive off stake in other Tata subsidiaries, Tata Technologies and Tata Hitachi Construction Machinery. The development came as part of Tata Motors’ aim to become debt free in the next 3 years. The shares of Tata Motors ended 0.24% higher on Friday. Adani Green The CEO of Adani Green said the company’s deal to buy Essel’s Solar assets is in its final stages, and the company is seeking $1.8 billion to build projects. The shares of Adani Green ended 5% higher on Friday. Reliance Industries (RIL) According to <a href="https://www.livemint.com/companies/news/carlyle-may-pick-up-2-billion-stake-in-ril-s-retail-arm-11600042534910.html">news reports</a>, Carlyle Group is looking to invest $1.5-2 billion to buy a stake in Reliance Retail. <a href="https://www.livemint.com/companies/news/carlyle-may-pick-up-2-billion-stake-in-ril-s-retail-arm-11600042534910.html">If a deal is finalized, it will mark Carlyle’s first investment in the retail</a> sector in India and its biggest so far in an Indian company. The shares of RIL ended flat on Friday. Vodafone Idea (VI) The telco giant Vodafone Idea (VI) is under the scrutiny of the Telecom Regulatory Authority of India (Trai) over its RedX premium plan. The shares of Vodafone Idea ended 2.63% lower on Friday. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/tiktok-owner-bytedance-rejected-microsofts-offer-for-the-apps-us-operations/articleshow/78097018.cms" data-type="tilCustomLink"> TikTok owner ByteDance rejected Microsoft's bid for the app's US operations, Oracle reportedly chosen as US 'technology partner'</a> <a href="https://www.businessinsider.in/thelife/news/meghan-markle-revealed-a-small-look-at-the-living-room-in-her-new-santa-barbara-home-during-a-video-interview/articleshow/78093510.cms" data-type="tilCustomLink">Meghan Markle revealed a small look at the living room in her new Santa Barbara home during a video interview</a>

Top stocks to watch— Future Retail, RIL, IRCTC, BHEL, Tata Motors, Adani Green, Vodafone Idea, Godrej Properties, Sunteck Realty and more

New Delhi, Realty firm <keyword id="72751" type="General" weightage="20" keywordseo="Brigade-Enterprises" source="Orion">Brigade Enterprises</keyword> has reported a 72 per cent increase in its consolidated net profit to Rs 133.50 crore for the second quarter of this fiscal year. Its net profit stood at Rs 77.58 crore in the year-ago period. Total income rose to Rs 1,407.92 crore during the July-September period of this fiscal year from Rs 912.19 crore in the corresponding period of the previous year, according to a regulatory filing on Wednesday. The company's sales bookings stood at 1.67 million square feet valued at Rs 1,249 crore during the second quarter of this fiscal year. "All business verticals contributed significantly to the growth of the company in Q2 of FY24. The residential segment continues to outperform with strong absorption across our key markets, heightened end-user interest, stable registration processes, steady home loan rates and excellent response to new launches," Pavitra Shankar, Managing Director of Brigade Enterprises Ltd, said. With a robust pipeline of launches in Bengaluru, Chennai and Hyderabad, she expressed confidence that the company would sustain the momentum going forward. Established in 1986, Brigade Enterprises Ltd is one of the leading property developers. It has developed many housing, commercial (office and malls) and hospitality projects across cities -- Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru and Chikkamagaluru.

Brigade Enterprises Q2 2023-24 net profit rises 72% to Rs 133.5 crore

<keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword>, <keyword id="109410" type="PERSON" weightage="20" keywordseo="real-estate-stocks">Real estate stocks</keyword> traded on a positive note on Thursday after the <keyword id="6356172" type="UNKNOWN" weightage="20" keywordseo="Maharashtra-government">Maharashtra government</keyword> slashed the premium on construction of realty projects by 50% till December 31, 2021. The reduction under the <keyword id="4435953" type="COMPANY" weightage="20" keywordseo="Development-Control-and-Promotion-Regulation">Development Control and Promotion Regulation</keyword> 2034 would be applicable on all ongoing and new projects. Around 12.25 pm, shares of <keyword id="51993" type="DOMAIN" weightage="20" keywordseo="Indiabulls-Real-Estate">Indiabulls Real Estate</keyword> were trading on the <keyword id="35140" type="COMPANY" weightage="20" keywordseo="BSE">BSE</keyword> at ₹84, higher by ₹5.55 or 7.07% from its previous close. Godrej Properties' shares were trading at ₹1,477.95, higher by ₹17.20 or 1.18% from its previous close. Shares of <keyword id="210357" type="DOMAIN" weightage="20" keywordseo="Oberoi-Realty">Oberoi Realty</keyword> were trading 2.15% higher at ₹599.70. Sunteck Realty shares on the BSE were at ₹360.05, higher by ₹12.25 or 3.52% from its previous close. The <keyword id="10556994" type="UNKNOWN" weightage="20" keywordseo="latest-move">latest move</keyword> by the Maharashtra government is likely to give a major boost to the pandemic-hit realty sector in state. Siva Krishnan, Managing Director and India Head, Residential Services, JLL India, said: "This move will help reduce the landed cost for developers, thereby rationalising the cost and reducing the burden on customers. It is expected to further trigger the recovery of the residential real estate market which has seen a good uptick in the last two quarters due to factors like lower interest rates, and pro-active measures from the government like stamp duty reduction." He noted that the latest moves, coupled with the ongoing measures, will go a long way in enticing both end-users and investors back to the residential market. "The country's residential sector is already seeing an acceleration in sales, leading to a fast-paced recovery from the impact of the pandemic," Krishnan said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-tcs-ril-maruti-airtel-godrej-properties-oberoi-realty-sobha-and-others/articleshow/80145182.cms">Top stocks to watch — TCS, RIL, Maruti, Airtel, Godrej Properties, Oberoi Realty, Sobha, and others</a> <a href="https://www.businessinsider.in/business/auto/news/ducati-is-launching-12-new-bikes-in-india-in-2021-check-the-launch-dates-here/articleshow/80146997.cms">From Scrambler and Multistrada to Monster and SuperSport — Ducati is launching 12 new bikes in India, check the launch dates here</a> <a href="https://www.businessinsider.in/india/news/petrol-has-reached-an-all-time-high-in-delhi-after-a-hike-of-23-paise/articleshow/80146505.cms">Petrol price is now past ₹84 in Delhi, over 62% of it is taxes</a>

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

PTI

Top stocks to watch— Future Retail, RIL, IRCTC, BHEL, Tata Motors, Adani Green, Vodafone Idea, Godrej Properties, Sunteck Realty and more

Navdeep Yadav

Brigade Enterprises Q2 2023-24 net profit rises 72% to Rs 133.5 crore

BI India Bureau

Oberoi Realty, Sunteck Realty, Godrej Properties' stocks soar as Maharashtra halves levies for realty sector

IANS

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