Godrej Properties is set to unveil a high-end residential project in Gurugram, projecting a potential revenue of Rs 3,000 crore, capitalizing on the increased demand for premium homes. The development, named 'Godrej Aristocrat,' will encompass around 750 apartments across 9.5 acres in Sector 49, Gurugram, with unit prices starting at approximately Rs 4 crore.
Expressing interest in these residences has already surpassed 1,200, as the company actively seeks potential buyers. Market estimates align with the company's projection, foreseeing a revenue stream of approximately Rs 3,000 crore from this venture.
Industry experts note the sustained buoyancy in Gurugram's housing market despite significant price escalations. DLF Ltd's recent sale of over Rs 8,000 crore for 1,137 luxury apartments priced at Rs 7 crore and above within three days in Gurugram is indicative of this trend.
However, amidst soaring prices, investors are displaying a degree of caution while end-user demand remains robust, according to Sachin Gawri, co-founder of RISE Infraventures Ltd, a property brokerage firm.
Godrej Properties has recorded a remarkable 48% growth in sales bookings during April-September 2023-24, amounting to Rs 7,288 crore compared to Rs 4,929 crore in the same period the previous year. Notably, the Delhi-NCR market contributed significantly, accounting for sales worth Rs 3,186 crore out of the total sales booking.
The company's Executive Chairperson, Pirojsha Godrej, emphasized their focus on launching and timely execution of new projects across major cities, revealing plans for launches in Noida, Gurugram, and Delhi's Ashok Vihar in the current and subsequent quarters.
Godrej Properties has an aggressive launch strategy slated for the second half of the fiscal year, targeting four key markets: Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. Pirojsha expressed confidence in meeting the fiscal target of selling properties worth Rs 14,000 crore, attributing this to robust demand for ongoing and upcoming projects.
The real estate arm of the Godrej Group reported a 22% rise in consolidated net profit to Rs 66.80 crore in the September quarter of this fiscal, with total income surging to Rs 605.11 crore in the July-September period compared to Rs 369.20 crore in the previous year's corresponding period.
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