Godrej Properties acquired five land parcels in the April-June quarter to build housing projects with revenue potential of Rs 11,400 crore and will continue to pursue attractive land-buying opportunities, according to a top company official.
In an interview with PTI, Godrej Properties Executive Chairperson Pirojsha Godrej said, "We are quite active on the land front. I think anytime there is a good opportunity, of course, we want to pursue it." He highlighted that the company's balance sheet is very strong because of robust operational cash flows and also funds raised in December last year through Qualified Institutional Placement (QIP).
"I think good thing is, with the QIP we did in December last year, company's balance sheet is very, very strong. So if there are good opportunities, we will go after them," Pirojsha said.
During the first quarter of this fiscal year, the company acquired five new land parcels in Mumbai, Pune, Bengaluru and Panipat. These acquisitions were through outright purchase and joint development agreements with land owners.
On these five new land parcels, the company will build housing projects, which carry a total revenue potential of Rs 11,400 crore.
Pirojsha said the company will hopefully achieve the annual target of adding projects worth Rs 20,000 crore in the second or third quarter of 2025-26 fiscal itself.
For group housing projects, Godrej Properties is buying land primarily in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru and Hyderabad. However, the company is acquiring land in tier II cities for the development of residential plots.
On sales, Pirojsha Godrej said the company is on track to meet or even exceed the Rs 32,500 crore sales bookings target for this fiscal as housing demand continues to be strong.
During the 2024-25 fiscal year, the company's sales booking rose 31 per cent to a record Rs 29,444 crore from Rs 22,527 crore in the preceding year.
In the first quarter of this fiscal, Godrej Properties reported an 18 per cent decline in its pre-sales or sales bookings to Rs 7,082 crore. Pirojsha attributed the decline in pre-sales to the high base effect and slight delay in the launch of a couple of projects.
During the last two financial years, Godrej Properties was the country's largest real estate firm in terms of sales bookings.
The company is likely to retain its top rank for the third consecutive fiscal year if it achieves the sales bookings target of Rs 32,500 crore.
On the financial front, Godrej Properties recently reported a 15 per cent increase in its consolidated net profit to Rs 598.40 crore for the first quarter of this fiscal against Rs 518.8 crore in the year-ago period.
Total income, however, fell to Rs 1,620.34 crore in the April-June period of 2025-26 fiscal against Rs 1,699.48 crore in the corresponding period of the preceding year. The Mumbai-based firm posted a net profit of Rs 1,389.23 crore on a total income of Rs 6,967.05 crore during the last financial year.
