In 2023-2024, Godrej Properties Plans to Make Significant Land Purchases For Development

Godrej Properties to Make Significant Land Purchases 

Godrej Properties, a major player in the Indian real estate market, plans to buy a number of plots of land this fiscal year with a combined post-development sales income potential of roughly Rs 15,000 crore, or USD 15 billion.

In the last fiscal year, Godrej Properties made 18 fresh land purchases with a combined post-development sales potential of Rs 32,000 crore.

Godrej Executive Chairman Pirojsha Godrej has said that the business would slow the rate at which it purchases land for future ventures. In response to questions concerning new business growth in FY24, an initial target of Rs 15,000 crore has been established. This figure accounts for both outright land purchases and joint development agreements (JDAs) with landowners.

Pirojsha said that "last year was an exceptional year" as the rationale for establishing a lower goal for new company growth. It's possible that we won't see these kinds of figures every year.  When pressed for further information, he said, "We don't even want to add Rs 30,000 crore worth of new projects per year. Sales bookings of Rs 14,000 crore per year may be achieved without adding new projects totaling Rs 30,000 crore.

According to Pirojsha Godrej, the business is in talks with several landowners in major cities about purchasing property outright and signing joint development agreements.

He praised the previous fiscal year's results, saying they were excellent in terms of all key indicators such as sales booked, customer cash collected, projects completed, and new business developed.