Real Estate Major Godrej Properties’ shares rose 7.5% to close the 7th April at INR 2,692, a 52-week high on the Bombay Stock Exchange (BSE). This surge in market cap came after the real estate major announced the sale of over 1049 homes worth over INR 3,000 Cr within just 3 days of the launch of its new project in Gurugram, Haryana. Godrej Zenith is the name given to Godrej’s largest residential development in the region.
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Significant Growth in the Gurugram Market
Highlighting the imperatives of Gurugram’s real estate market, Gaurav Pandey, CEO and Managing Director, of Godrej Properties, outlined the company’s strategic efforts to continue growth in Gurugram in the future. The year concluding 2023-2024 witnessed a unique trend that sales in the Gurugram district alone increased by 473% YoY. Moreover, this is the second time that this methodology has been implemented in Gurugram and the fourth time in the country that Godrej Properties has achieved sales of more than INR 2,000 Cr during FY24 during the project launch.
Impressive Sales Figures Across Multiple Projects
In addition to the successful launch in Gurugram, the company has also reported substantial sales across various projects. The Mumbai-based company recorded inventory sales with INR 2690 Cr in its Godrej Reserve Project in Kandivali, Mumbai during the Q4 of FY24. Similarly, it achieved sales worth over INR 2875 Cr in the Godrej Aristocrat Project, located in Sector 49 on Golf Course Extension Road, Gurugram. Additionally, sales worth over INR 2000 Cr were accomplished in Godrej Tropical Isle Project in Noida during the second quarter of FY24.
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Strong Outlook for FY25
At the end of the 2024-2025 (FY25) financial year, the company forecasts a strong launch pipeline for the company. The developer targets the operational areas of New Town where it plans to launch new projects like Sector 103, Sector 43 and Sector 54, all showcasing its dedication towards growth and expansion.
