A Landmark Year: Godrej Properties Leads Real Estate Sales in 2024

A Landmark Year: Godrej Properties Leads Real Estate Sales in 2024

The Indian real estate sector witnessed an extraordinary year in 2024, with Godrej Properties emerging as the undisputed leader in property sales among listed companies. Driven by an overwhelming demand for housing projects across multiple cities, the company achieved a staggering Rs 28,800 crore in property sales, marking a historic milestone in the industry.

Godrej Properties' Record-Breaking Performance

In an investor presentation, Godrej Properties proudly announced its highest-ever booking value and largest area sold by any listed real estate developer in a single calendar year. With a 69% growth in booking value, the company successfully sold 26.38 million square feet, achieving an impressive 54% volume growth.

Among the key regions contributing to this success:

• Delhi-NCR led the way with Rs 9,936 crore in pre-sales.
• Mumbai Metropolitan Region (MMR) followed closely with Rs 9,177 crore.
• Bengaluru recorded Rs 5,303 crore in sales.

DLF and the Rise of Ultra-Luxury Real Estate

While DLF, India's largest real estate firm by market capitalization, secured Rs 20,650 crore in property sales, its ultra-luxury segment played a pivotal role. DLF’s flagship project, The Dahlias in Gurugram, saw properties selling within the Rs 55-150 crore per unit range, underscoring the growing appetite for premium housing.

Strategic Land Acquisitions & New Project Launches

Continuing its expansion spree, Godrej Properties acquired 16 land parcels in 2024, unlocking an estimated revenue potential of Rs 36,250 crore. The company also launched 30 projects, including fresh phases in existing developments, with a combined sales potential of Rs 34,300 crore.

Among its contemporaries in the listed real estate space, notable players include Prestige Estates Projects Ltd, Macrotech Developers, Signature Global, Brigade Enterprises, Oberoi Realty, Sobha Ltd, and Puravankara.

Financial Triumph: A Surge in Profitability

Godrej Properties’ financial performance reflected the sector’s robust momentum. In Q3 2024, the company’s net profit skyrocketed by 161%, reaching Rs 162.64 crore, compared to Rs 62.27 crore in the same quarter of the previous year.

Other key financial highlights:

• Total income more than doubled to Rs 1,239.97 crore, up from Rs 548.31 crore.
• April-December 2024-25 fiscal net profit surged to Rs 1,017.90 crore, a significant rise from Rs 254.01 crore in the corresponding period of the previous year.
• Total income during the same period grew to Rs 4,285.99 crore from Rs 2,419.40 crore.

A Vision for the Future

Reflecting on this momentous year, Pirojsha Godrej, Executive Chairperson of Godrej Properties, expressed optimism about the company’s future. He highlighted that 2024 has been a landmark year, with record-breaking bookings, robust cashflows, and unprecedented project deliveries. With a strong pipeline of new launches and strategic land acquisitions, Godrej Properties is well-positioned to sustain its leadership in the dynamic Indian real estate landscape.