Godrej Properties to launch 12 projects

Realty firm Godrej Properties will launch 12 housing projects during this quarter to expand business as it targets to clock record sales bookings this fiscal year, beating Rs 5,915 crore achieved in 2019-20, despite the COVID-19 pandemic, a top company official said.

Godrej Executive Chairman Pirojsha Godrej said the residential property market has started to recover from multi-year slowdown with big developers reporting improvements in their sales numbers.

"Third quarter (OctoberDecember) was pretty good. Mixed bag. Accounting numbers did not look great because the number of projects we are going to complete this year will be quite low due to six months of construction loss in view of lockdown," Pirojsha said.

The operating performance was quite strong as sales bookings in the third quarter were just under Rs 1,500 crore, up 25 % yearon-year and 38 % quarteron-quarter, he highlighted.

For the first nine months of this fiscal, he said sales bookings grew 16 %, "which is pretty good number given all the craziness of this year."

According to an investor presentation, the company's sales bookings rose 25 % to Rs 1,488 crore.