The company's sales bookings increased five-fold to ₹2,520 crore between April and June, setting a record for its first quarter's sales. Despite a rise in mortgage interest rates and a rise in housing costs, he anticipates that sales momentum will continue in the remaining quarters of this fiscal year.
"We had laid out ₹10,000 crore as our goal for booking values during the current fiscal year. We have already achieved 25 percent of our target which is a good start, especially considering that sales in the third and fourth quarter are generally strongest," said Pirojsha.
He responded that the business would like to "stick with this for now" when asked if it would raise its sales booking target. GPL established a target of ₹10,000 crore for FY'23 and recorded sales booking of ₹7,861 crore for the fiscal year 2021–2022.
"Last year we did ₹7,800 crore worth sales bookings. We have set a target for 27 per cent growth in this fiscal. Of course our aspiration will be to always do more, but we would not revise that goal for now," said Pirojsha.
About 20 residential projects, including new ones and new phases of existing projects, are part of the company's launch plan. As opposed to 6.5 million square feet in 2021–2022, GPL anticipates delivering 10 million square feet within the current fiscal year.
On acquisition of new land parcels for future development, Pirojsha said: "The pipeline is super strong."
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GPL is looking at "exciting" and "some big" opportunities for outright purchases of land parcels as well as joint ventures with land owners, across all four focus markets -- Mumbai, NCR, Pune, Bengaluru.
"So I think I'm quite hopeful. We will have a large number of big announcements in the next few quarters," he said.
Pirojsha claimed that the firm has not given any direction on new business development but would like to add projects with a gross development value (GDV) of ₹15,000 crore in order to continue growth in sales bookings. He had said in February that he planned to spend $1 billion over the coming 12 to 18 months on new project development.
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Pirojsha said the company has started utilising the surplus cash and invested ₹500 crore in the first quarter to acquire new projects. "Most of the funds are still available which we will be deploying over the coming quarters," he added.
In Nagpur, GPL has added a 58-acre project with a saleable size of 1.5 million square feet, according to the company's investors presentation. This project has a potential revenue of roughly ₹575 crore. In order to create a residential group housing project in Kandivali, Mumbai, GPL has also expanded its current agreements with Shivam Realty.
"The project is an extension of Godrej Tranquil and Godrej Nest and will offer approximately 0.7 million sq. ft. of saleable area with an estimated revenue potential of approximately ₹1,000 crore," the company said.
Recently, GPL added a new project in MMR. Spread across 0.5 acres, the project will offer 1.2 lakh square feet of luxury residential development near Carmichael Road.
"The estimated revenue potential from the project is approximately ₹1,200 crore. It is a 100 percent owned project," the presentation said.
Established in 2010, Godrej Properties has successfully delivered around 22 million square feet of real estate in the past five years. It currently has around 192 million square feet of developable area in 86 projects across India.
Besides the four major focus cities, the company has presence in Chennai, Kolkata, Kochi, Ahmedabad and Chandigarh and Nagpur.
(With PTI inputs)
