Shares of Godrej Properties Ltd. gained over 4% to hit a day’s high of ₹2,512.95 on Friday (April 5) after the real estate developer said it has sold homes worth ₹2,690, during the launch of its Kandivali project in Mumbai — Godrej Reserve.
This is Godrej’s most successful launch ever in Mumbai in terms of the value and volume of sales achieved, the company said in a regulatory filing.
Godrej Reserve has a developable potential of 3.72 million square feet with an estimated revenue potential of approximately ₹7,000 crore (on the basis of the current business assumptions).
The realty company said this project has significant unlaunched inventory remaining, which it plans to sell in the coming years. “This is one of GPL’s largest residential developments and significantly enhances its presence in the western suburbs of Mumbai,” it said.
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“We are delighted with the response to our project, Godrej Reserve. This has now become the best-ever launch in Mumbai residential real estate. We’d like to take this opportunity to sincerely thank our customers and all stakeholders for their trust and confidence in Godrej Properties. We will do our best to ensure Godrej Reserve offers its residents an outstanding living experience,” said Gaurav Pandey, MD & CEO, Godrej Properties.
Last year, the company sold over 600 homes in its new project in Gurugram worth over ₹2,600 crore.
Godrej Properties had achieved 93% of its booking value guidance for the financial year 2024 by the end of the third quarter. However, the deliveries had only reached half of the guided full-year figure at the end of three quarters.
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Its deliveries, at 6.5 million square feet, are only 52% of its full-year guidance of 12.5 million square feet.
Shares of Godrej Properties are trading 4.25% higher at ₹2,512 apiece on the NSE. The stock has more than doubled over the past 12 months.
