Godrej Properties to launch 12 more projects, phases by March-end

MUMBAI: Realty developer Godrej Properties is planning to launch 12 more projects including phases of existing projects by March-end, said a top company official. The company has already launched one new project in Bengaluru and new phases of two existing projects in Pune since the beginning of current financial year.

“GDP growth is inching higher, consumer sentiment and most macro-economic factors are improving. There’s quite a lot pent up demand (for housing) in the economy. Even the current market is offering good business development opportunities,” Pirojsha Godrej, MD & CEO, Godrej Properties, told ET.

For the last few quarters, most property markets have been witnessing decline in new project launches by realty developers on account of sluggish demand.

For the quarter ended June, Godrej Properties reported 9% on-year growth in consolidated net profit at Rs 43 crore. Total income, on consolidated basis, also rose 45% from a year ago to Rs 333 crore.

“After an excellent FY2016, we have made a steady beginning in Q1 FY2017. We expect to significantly ramp up sales in the months ahead,” Godrej said.

Godrej Properties booked residential sales worth Rs 312 crore with volume of 549,720 sq ft, while commercial projects recorded booking value of Rs 75 crore during the quarter. Godrej Properties also added two new projects with total 13 million sq ft saleable area.

The company sold 187 apartments with total sales of 263,198 sq ft at an average price of around Rs 4,900 per sq. ft. with a booking value of Rs 128 crore at its project Godrej Eternity launched in May.