Shares of Godrej Properties soared up to 1.5% to ₹2,471 today, on June 17, as the company announced the acquisition of a 16-acre land in Pune. The development on the said land will comprise premium group housing and high-street retail project with a developable potential of 2.5mn square feet along with an estimated revenue potential of ₹3,100 crore, Godrej Properties said in an exchange filing.
The stock closed over 1% higher on the National Stock Exchange at ₹2,434.40 on June 16. This is the second land acquisition by the company in the region in June with an estimated cumulative revenue potential of ₹7,300 crore from the two developments. On June 2, the company informed the exchanges that it had acquired 14-acre land parcel in the same region, which will have an estimated revenue potential of ₹4,200 crore.
On June 16, Godrej Properties said in a filing made to exchanges that it will develop a premium residential project on 14-acre land parcel in Hoskote, Bengaluru. It is expected to offer nearly 1.5mn square feet of saleable area with an estimated revenue potential of ₹1,500 crore.
Buoyed by record sales bookings in FY25, the company has set a target to increase its pre-sales by 10% in the ongoing financial year to ₹32,500 crore as housing demand continues to be strong. Its sale bookings rose 31% to a record ₹29,444 crore during FY25.
The real estate firm reported 19% on year decline in consolidated net profit to ₹381.99 crore for the latest March quarter despite higher income. Its total income increased to ₹2,681.06 crore from ₹1,914.82 crore a year ago.
During the March quarter, the company's tax outgo rose to nearly ₹190 crore while it incurred a loss of ₹35.36 crore in some joint ventures. The company also approved to raise up to ₹2,000 crore, via Non-Convertible Debentures, bonds, and/ or other debt securities on a private placement basis.
